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Special-purpose vehicles (SPVs) have been portrayed as one of the villains of the financial crisis. The ability to transfer assets to special-purpose entities lulled many banks into a false sense of security, with few contemplating the possibility these assets would have to be consolidated back on to the balance sheet - something several banks opted to do rather than suffer the reputational damage caused by the failure of structured investment vehicles sponsored by them.

These vehicles also play

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