Governance structure Firstly, the legal environment that embraces credit unions is very important. The financial systems and markets have, in recent times, undergone substantial structural changes. We are seeing major improvements in technology and a number of complex and sophisticated financial products in the market place.
In recent months, market conditions for auto and credit card ABS have improved so much that new issues are increasingly being funded by non-TALF sources. Moreover, even though TALF loans have three- and five-year terms, investors have already repaid almost one-fourth of TALF loans.