Banks plan to relaunch off-balance-sheet derivatives units

At least six banks are talking to lawyers and rating agencies about reviving derivatives product companies, although AAA ratings may now be off the table


After falling out of favour in the first phase of the crisis, derivatives product companies (DPCs) are set for a comeback, with six banks understood to be looking at launching new vehicles or revamping existing structures to cut their liquidity costs under the incoming Basel III framework.

Fitch Ratings and Standard & Poor's released proposals for new DPC rating methodologies earlier this year, after banks showed an interest - Fitch had withdrawn all DPC ratings in June 2011. Roger Merritt, a

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