The Financial Times published an article on the risk that the ABS market in Europe could collapse as a result of the low volume of issuance. The concern is that with so little issuance, investors may find it difficult to maintain a costly infrastructure that may not be compensated for by income generated by low volumes of ABS purchases. The article quoted PCS, described as a key industry group, and in particular mentioned that the causes of the low level of issuance was no longer investor diffidence vis-a-vis securitisation but the very cheap lending from central banks. This lending makes securitisation too expensive comparatively for issuers. The article may be found here (Please note the article is behind a pay wall).