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I would like to elaborate on the Eurosystem’s contribution to enhanced disclosure through its initiative to make loan-by-loan level data on ABS transactions widely available. Let me say from the start that this initiative alone will not suffice to re-open the market, but it would become an important building block along the path towards standardisation, simpler structures, and better post trade price transparency. As you will remember, in December 2009 the ECB launched a public consultation in order to gather market and public feedback on a proposal to introduce requirements on loan level data in ABS transactions and make this an explicit eligibility criterion, should the ABS be used as collateral with the Eurosystem. This initiative may trigger a structural change in the way the different market participants interact within the securitisation markets. By increasing the transparency, availability and quality of the information on the underlying assets, and by ensuring a regular updating of the information, market participants will have a sounder base on which to build valuation, risk and surveillance models. The public consultation included six questions on the general advisability of the initiative as well as on technical details of the implementation. At the end of the consultation period on 26 February 2010, 53 responses from different investors, market data vendors, credit rating agencies, financial service providers, audit firms, stock exchanges, law firms, public authorities, and central securities depositaries, had been received.