In any event it reasonable to (re-) establish the consistency in the regulatory treatment across asset classes without prejudice to prudential principles. What would I propose then? This of course needs to be carefully studied but I can already tell you that I favour distinguishing securitisation instruments into several categories, and assigning preferential treatment only to instruments meeting the strictest requirements.
Moreover, having chosen a bank in the country of operations, the affiliates were more likely to select a bank with local or regional operations than a bank with global reach.