249 assets. Thus, a significant risk transfer needs to be undertaken and the equity a( snede mE BeAz z, 2a 0n 1i n4ea )t. rTahnec hVeEsS na ne eddO tBoS bmee st hool dd st oa rceotmh epml yows t i at hp prreogpurliaattoe rryi stkhrreetsehnot ilodns ma pe tahrot dosf teoa cahc htireavnec ht hee ( caa spei tl ea cl tri eolni e of . f I nl o at hnes )V, Eh Sa v(iOn gB St )o mh oe ltdh ocda,ptiht ael ibs saus eedr s orne ttahi ne rFiLs Ek - wmeeitghhotde ,dt ha ses be tasncka nl ceuel adtsi ot on sdfeodr utchte tsheepeanr ttsi r(el oraent asi)noendl yp. aWr thfirl eo mf o ri ttshceaFpLi tTa la. nI nd li if noen we ai tihmtsh fi os ,r l ci taepr iattaul rree lai el sf o( sset ea ,t ees. g t. ,hHa tMt hTer eVaEs uS rmy, e2t0h2o1d) .a Tp hp iesa cr so ut ol d bbee ma opsots us isbelde eF xi gpul ar en a6t .i3o(nb )f o, rS et chtei orni s 6e . 3o .f1s)e, caus r si tei cz ua triiot inz sa ttihoants ucsoemt hp el i aVnEt Swmi t eht ht hoed SaTf tSe rc r2i t0e1r7i a (csaene benefit from a more preferential treatment in capital requirements for securitization tt rhaenVc Eh eS sm( ee xt hc eopdt i fsoervtehne me qour iet ya tttrraancct ihvee) w. Ahsesnuccohm, i fbbi nainnkgswwi tehr eS Tt oS sceoemk pc al i pa ni t cael .r e l i e f , Wr e es unl toswo fs eo eukr ltoogai tn rael ygzr ee stshi oi sntsr ea ns ds hi no wmnoirne Edqeut aaitli ovni a ( a6 . r1e)garrees spi roonv ai dneadl yisni sT. aTbhl ee 6.3, where FLT vs. VES is our dependent variable and STS Compliant our key idnedael sp et hnadtehnat vvea rr ei acbeliev.e Cd oel iut mh enr (t 1h )e pF rLeTs eo nr tVs Et Sh er erteesnutlitosnf omr etthheo df ubl lest wa me epnl e2o0f1a4l -l 2t h0e2 i1n. t Irno dc uo cl ut imo nn o( f2 t) h, ew Se erceuproi tri tz at ht ieo nr erseugl ut sl aot if otnh e( 2d0e1a4l s- 2t 0h 1a t7 )waenr de ii ns scuoel du mb enf o( 3r e) all those thereafter (2018-2021). The results in column (1) of Table 6.3 show that we do not find any significant results for our STS compliant variable. However, the year dummies suggest that tranches are more likely to have the VES method starting in 201878, which is the year when the Securitization regulation came into force. Country of Risk and GDP Growth Rate are no statistically significant drivers for choosing VES over FLT. 78 The detailed regression results including the security type and year dummies are available upon request. Chapter 6 - Risk Retention in the European Securitization Market
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