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While we charge our clients on average 20 basis points, or 0.2 percent a year, established issuers of structured products charge up to 2 percent.

The SPV’s are seen as one of the main causes of the financial crisis. Is it not risky, under this premise, to promote their use?

Basically, a SPV should be regarded as a tool, which you can utilize for good or bad purposes.

 «Our issuance tools are completely transparent»

Most of the structured product issuers use the SPV abroad. Unlike GenTwo, they are not bank balance neutral.

Where exactly are the risks for the end-customer?

The financial intermediary is the key factor. If they don’t securitize and administer the investments properly then the end-customer is the one who will suffer. Our issuance instruments are completely transparent. The intermediary thus knows exactly what each structured product contains.

 «We want to double our staff by the end of the year»

This transparency can – if desired – be opened to the end-customer. This isn’t possible with a bank solution. In addition, responsibility for a product can be assigned to a specific person or organization.

How many cooperation agreements have you signed since the start of the year?

So far we are working with eight intermediaries, and are negotiating with a further 14. Against this backdrop we want to double our staff from four full-time equivalents, including us two, by year-end.