From Table 1 it can be seen that, in parallel with the change in the volume in issuance − which peaked in 2008 at €819 billion, before dropping to €216 billion in 2014 − there was also a significant change in the retention rate: whereas in 2006-2007, most primary issuance was placed with end-investors and other banks. In the period 2008-2014, the composition of placed versus retained securitisation changes significantly; as a result, in 2014, the majority of issued transactions were retained by originators.
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