The Australian Securitisation Forum (ASF), the peak representative body for the securitisation industry, has announced the appointment of Mr Greg Medcraft as its Chief Executive.

Before returning to Sydney, Mr Medcraft was the Managing Director and Global Head of Securitisation of Societe Generale in New York. He is a co-founder of the American Securitization Forum and served as its Chairman for the past three years.

“The current market situation calls for creative leadership and new approaches to adapting and reshaping the market to meet the challenges currently faced. We need long-term, sustainable solutions that continue to deliver the benefits of securitisation,” Mr Medcraft said.

“I am looking forward to working with industry members and stakeholders to drive industry led solutions with a view to regaining investor confidence in Australian RMBS and other securitised products,” he said.

Phil Vernon, ASF Chairman, commented on the securitisation industry and the appointment of a Chief Executive.

“The current situation in global credit and liquidity markets requires a shift in thinking by issuers and investors in securitised product in Australia and international markets.

“The appointment of a Chief Executive signals a strengthening of ASF’s capacity to regularly engage with industry participants and lead the development of ideas and implementation of policy.

“Greg Medcraft has the calibre and practical experience to engage participants both locally and internationally to explore market models and product opportunities that address all stakeholder needs now and as they continue to evolve.”

The Australian Securitisation Forum (ASF) was formed in 1989 to promote the development of securitisation in Australia. It represents over 100 corporate members involved in the Australian securitisation market, including bank issuers, non-bank issuers, trustees, mortgage insurers, leading investors, legal firms and ratings agencies.

The issuance of mortgage backed securities (RMBS) has fallen significantly. In its latest Financial Stability Review, the RBA reported that the issuance of residential mortgage backed securities (RMBS) in Australia declined from $45 billion in the first half of 2007 to $6 billion in the second half of the year.

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