SMEs are the backbone of the European economy. The financing situation for European SMEs is slightly improving, but also differs very much from country to country. In Europe, SMEs' financing strongly depends on banks and also after the crisis banks will remain the main external financing source...

A well-functioning securitisation market is a way to ease the supply problems by helping banks diversify their funding and achieve capital relief. In October 2010 we presented our first working paper on SME loan securitisation (SMESec); since then the financial and economic crisis continued and...

Securitisation has, after a period of significant growth throughout the last 10-15 years, become the finance area which has fallen the most from its peak – both in terms of new volumes as well as its image as an innovative and efficient financing tool. While market insiders, including...