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If I am not mistaken the Bank of Spain disallowed off-balance-sheet 'conduits' and SIVs years ago.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Fri Oct 10th, 2008 at 10:52:54 AM EST
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