As with AMCs, of course, such investment would need to be compliant with state aid requirements. Many of these measures should not be expected to yield fruit immediately. Only AMCs, to the extent that they are in compliance with the current rules and securitisation can offer a quick clean-up of bank balance sheets.
An AMC at European level would be a welcomed initiative, particularly because it would facilitate raising private funding in the market. A true European AMC faces however difficulties in the present environment. In more immediate terms, a way forward could be the creation of a European blueprint for AMCs to be used at national level.