Based on the European Banking Authority's (EBA) assessment, it appears that, in a stressed funding small and medium-sized enterprises (SME) European Secured Notes (ESNs) might provide a useful  additional source of funding, especially for small institutions that do not have access to the securitisation market and/or have difficulty issuing unsecured long-term debt. The European regulator has released a report in response to European Commission's call for advice in October 2017 evaluating whethe

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