Securitisation issuance has slumped in recent years, with the market having become increasingly dependent on central bank and government support in both Europe and the United States. Despite facing a number of threats that could inhibit a recovery in the shorter term, the securitisation market is expected to recover over a longer term horizon. Funding costs have improved, but investor confidence in the asset class remains weak, and the impact of regulatory reform is as yet difficult to fully assess. A long-term sustainable recovery for the securitisation market remains in the hands of regulators and policy makers. They must be awake to the possibility that a recovery in securitisation markets could be a prerequisite to unlocking credit markets in general and supporting a wider global economic recovery.