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The European securitisation market faces what is expected to be an "interesting" year ahead, as low-cost central bank liquidity dries up and banks adopt new funding strategies. Together with boosting primary ABS issuance, Bank of England and ECB tapering will likely impact the volume of paper being retained.
In the UK, the drawdown periods for the Funding for Lending Scheme (FLS) and Term Funding Scheme (TFS) are respectively set to close at the end of January and February 2018, ending a cheap source of funding for the country's banks.
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