0 relating to an investment with income from particular assets, for example payments on home loans:
Secondly, investment in property is almost entirely asset-backed; it is far less risky than investment in other sectors.
There have been some real problems, notably via the liquidity squeeze of the asset-backed and commercial paper markets.
Although farmland and property have largely been excluded, more than half of the investments being made through the scheme are still heavily asset-backed or retail-oriented.
Of course, because people wanted the tax relief, but not to take any entrepreneurial risk, they were only willing to invest in asset-backed enterprises such as private nursing homes.
However, we have seen during the first months of the financial crisis that the demand for credit claims was growing, for instance as compared to the notorious asset-backed securities.
It s precisely because we think that the scheme should not he used to create asset-backed investments at the taxpayer's expense that we have narrowed its application to £½million small businesses.
The main examples of subordinated bonds can be found in bonds issued by banks, and asset-backed securities.
Hence, there is a possibility that full liquidity guarantees expire before the asset-backed commercial paper matures.
