Findomestic Banca

Private label cards are issued and administered by retailers. Usually, they are given to customers for use in their stores, and their main function is to promote the retailer s products. As a result, credit underwriting may not be as stringent as it is for other types of credit cards. In Europe, as of this writing, there has been only one private label ABS transaction so far. In December 2000, Findomestic Banca S.p.A. securitised credit card borrowings generated through the company s credit card product Carta Aura. 

Issuance of European CCABS is clearly dominated by repeat issuers, accounting for more than 90% of total issuance volume. Credit card Issuers that have accessed the securitisation market only once include Findomestic Banca S.p.A. (2000), Diners Club Europe S.p.A. (and others) (2001) and Egg Banking PLC (2002). 

From the 28 CCABS transactions shown in Exhibit 13.4, 26 are backed by sterling-denominated credit card receivables and two have euro-denominated collateral. In 2000, Findomestic Banca S.p.A. issued 311 million of notes backed by Italian credit card receivables. In 2001, Diners Card Europe S.p.A. (and other European Diners Club operations) completed its first transaction in a euro-denominated issue. The collateral includes receivables in Italy, Germany, the United Kingdom, Ireland, the Netherlands, and Belgium. 

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