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| David Wright |
While many participants in the European securitisation market have already drawn a line under a terrible year by early December, those at the European Securitisation Forum (ESF) face the prospect of Christmas being cancelled altogether. News emerged in early December that a delegation from the European securitisation industry’s trade body had been summoned to speak with EU director of financial services David Wright during the first week of December and tasked with coming up with an action plan to tackle the industry’s problems – by the end of January. This marks an upping of the ante between the European Commission and the ESF. David Wright was the keynote speaker at the ESF’s recent symposium on European Securitisation Markets, where he said that the Commission would prefer to see a market-led solution, but urgently needs to see a plan to address questions by regulators on transparency and securitisation valuations. Clearly when he said urgently, he meant urgently.
At the November 19 symposium Wright also warned that the commission would be “pushed by the political community to intervene in these areas” if the market failed to move swiftly.
