For banks, this instrument is essential in disposing of part of their assets and freeing up funds for new loans. The success of such initiatives depends on a high level of transparency, enabling final investors to manage the associated credit risk more efficiently than in the case of direct investment in single issues. Simple structures, low leverage and limited maturity transformation are essential.
In the case of securitizations, there are advantages to be gained from Italy’s past experience, which has been extremely positive.13  8  The Super ACE would be equivalent to the Super DIT, which offered listed firms additional incentives with respect to the ordinary DIT. 9  See A. Franzosi and E. Pellizzoni, “Gli effetti della quotazione.