During the financial crisis it became clear that these developments were also accompanied by a lack of risk awareness, conflicts of interest along the securitisation chain, excessive confidence in the risk models of the ratings agencies and a lack of transparency concerning the quality of the underlying collateral and the business structures. The banks’ access to the capital market, especially with securitisations, is still impeded globally; many banks can largely only obtain funding via the central banks, via short-term repo activities or by issuing Pfandbriefe. The market for unsecured bank bonds remains fraught with major uncertainty. .
