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Can somebody explain in simple terms what the secularisation...

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    Can somebody explain in simple terms what the secularisation warehouse is? (Mentioned on slide 15 of Investor Presentation 31 December 2016 Results)

    I'm probably understanding it wrong, but it sounds like it would:
    - Allow unlimited debt, for the purpose of creating new loans. (Buy equipment, loan it to a customer, sell the loan to the bank, get the cash, buy more equipment with the cash and repeat).
    - Avoid management spending too much time on funding (increasing the limit regularly, getting new loans as others run out).
    - Sell the equipment loans to banks to realise the cash quicker, but at a discount versus what would be received by waiting for the loan to finish.

    Does the securitisation warehouse sound good for SIV or quite neutral?

    If they were realising the cash quicker, is that likely to lead to higher dividends?
 
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