A major part of the CDOs are so-called synthetic securitization instruments and collateralized loan obligations (CLOs) have been the predominant type of CDO in the euro area (see chart 7). However, it is useful to note the substantial drop of these figures in the most recent months.
I draw the attention to the deceleration of securities issues in the euro area published one hour ago. These developments reveal a gradual decline during the past decades in importance of the traditional model of financial intermediation in the euro area whereby banks obtain funding mainly via deposits and use these funds to grant loans that they hold to maturity.