In this way, ABS could mean that SME lending is less dependent on a handful of large banks in each country, which would increase the contestability of domestic markets.
14  At present, the legal position that an account holder “owns” as soon as securities are booked to his account differs across euro area countries: in some jurisdictions the holder enjoys full and unshared property rights, whereas in others the holder receives a position that is in comparison “inferior”, i.e.