The ECB published on March 27, 2026, the Working Paper No 3210 “Synthetic, but how much risk transfer?” which analyses the effects of SRTs on banks’ behaviour, including changes in portfolio riskiness, leverage ratio, monitoring efforts, and interconnections.

This working paper analyses – using very rich and public transaction level data – the effects of synthetic risk transfers (SRTs) on banks’ behaviour in the euro area, including changes in portfolio riskiness, leverage ratio, monitoring efforts, and interconnections with investors. Although the views expressed are those of the authors and do not necessarily reflect those of the ECB, the methodologies used to assess potential risks to financial stability and the conclusions deserve attention.

Please click here for comments from the Securitisation Committee of Paris-Europlace, aiming to provide the perspective of practitioners.