The trade body for European banks has announced its new board that will oversee its initiative to revive the flagging securitisation market.

The Association for Financial Markets in Europe today said that its Prime Collateralised Securities Initiative was open for business. The scheme will provide kitemarks to demonstrate when asset-backed securities are deemed "high quality" based on four metrics - their quality, transparency, simplicity and standardisation - to help boost investor confidence and revive Europe's dwindling securitisation market.