Sterling balances

Lend-Lease. The price of Churchill s policy of victory at any cost was a weakening of British power, through the accumulation of sterling balances and the loss of overseas assets and markets, and consequent dependence upon the United States. 

The full weakness of Britain s external position was exposed when, under the Anglo-American Loan Agreement, current earnings of sterling - but not the war-time sterling balances - became convertible into dollars on 15 July 1947. There was a sharp increase in the rest of the... 

The European credit card securitisation market has grown substantially, both in terms of absolute size and in number of issues. Although the market has traditionally been dominated by sterling-denominated collateral, the securitisation environment in various European countries bodes well for credit card securitisations which should attract banks and specialty lenders looking for alternative sources of funding and effective ways to manage their balance sheets. 

Euro Zing I is a cash flow CDO that presents several features of novelty and interest. It is the first true arbitrage CDO of European asset-backed securities in that, 100% of the assets were sourced from the marketplace rather than an existing balance sheet. It is also the first CDO to use a unique, innovative dnal-currency liability structure in sterling and euro to access the sterling ABS market in a cost-efficient way as opposed to cnrrency swapping each asset individnally to a common cnrrency. 

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