I look forward to seeing you, fellow INEDs, this time next year at the 2nd Annual INED Conference. 2/2  BIS central bankers' speeches
Moreover the type of deals has broadened out to include a wide range of asset classes. For example, this month’s deals included credit card, auto loan and lease, equipment leasing, insurance premium and mortgage servicer securitizations. Second, the market for such deals is not wholly reliant on TALF financing. TALF loans have accounted for a bit more than half of total issuance volume of ABS, with considerable variability from subscription to subscription period. We view this as a good thing. This means that the TALF is helping to restart the market, rather than the TALF being the market. Third, and most importantly, spreads on consumer ABS have been coming down sharply from their peak levels reached late last year. For example, the spreads on AAA-rated credit card ABS have narrowed from a peak of about 600 basis points over LIBOR to slightly above 200 basis points currently. Encouragingly, spreads of even lower-rated ABS – securities that are not TALF eligible – have also narrowed quite significantly. Although it is still too early to say the TALF has been a resounding success, we at the Fed are encouraged by the results so far. While we are generally pleased with how the TALF program has been evolving, many challenges remain. One challenge is in striking the appropriate balance between sufficient protections against abuse of the program, on the one hand, and a degree of red tape and restrictions that could make the program unattractive to issuers and investors, on the other.