EUROPESERVICING 2006
DIRECTOR'S CUT: SESSION 6


Sense and Sensibility is a 1995 film based on the Jane Austen novel and adapted to the screenplay by one of our favorite artists, Emma Thompson. We actually tried to get Emma to do a cameo appearance at EuropeServicing as one never knows who will show up to a EuroCatalyst event.

In fact, there is an artist who will be dropping by to sit in the audience of EuropeServicing, although we suspect that only four people will know who she is. However, if you are current on Canadian singers or have seen all of Wim Wender's films, you just might be able to figure it out.

The tagline for the film is, "Lose your heart and come to your senses". The film, like twists and turns of the rapidly evolving European servicing sector, is a drama, a comedy and a romance. In the plot, the wealthy Mr. Dashwood dies. Based on rigid 18th century English inhertiance laws, his estate goes to his son by first marriage, and renders his second wife and her three daughters impoverished. The film follows a series of plots in which the three daughters each exhibit one single trait that defines their character and the ultimate outcome of the film. One daughter is practical, one is romantic and one is sensible. Naturally, it is the sensible daughter who brings the family together in the end.

This session brings together rating agencies, issuers and investors to provide their views on servicer capabilities, market surveillance and operational risk. It is up to the audience to determine who displays the most "sense and sensibility" about the direction in which the sector is going, as all three have a vested interest in addressing market needs, improving the collaboration among all parties and simplifying its unnecessary complexities.

For centuries, Sense and Sensibility has been overlooked in favour of the author's later works such as Pride and Prejudice. It has only been in the twentieth century that scholars and critics have come to address Sense and Senibility's great passion, ethics and profound social vision. We chose this title because for the past decade, the importance of servicing has been overlooked in favor of the more "sexy" issues of structuring, arranging and funding. It is only recently that that the European mortgage and real estate industry have come to address the servicing sector's strength's, weaknesses and most importantly, how crucial it's role really is in driving flexibility, accessibility and ultimately, profitability.

We would like to see the European mortgage, real estate and covered bond industry to show more Sense and Sensibility by focusing their attention on the execution of operational functions that drive market growth.

The "director's cut" or "notes" were written by EuropeServicing's chief architect and host, Toni Moss, CEO of EuroCatalyst. Because the event is being held at the famous 195 Piccadilly, the home of the British Academy of Film and Television Arts, EuroCatalyst has chosen to use movie titles to theme each session. While some see films as entertainment, others recognise the art of cinema as a record of the human condition. EuroCatalyst chose titles and short clips of films to theme and inspire discussion as we bring the triumph and struggles of the European servicing sector to life over the course of the two-day EuropeServicing event. Even if you have not seen any of the films mentioned, the simple titles should tell you everything you need to know. Moss and her guest hosts look forward to interviewing the lineup of panellists who represent the best that the European servicing industry has to offer, and hope to change your perspectives about the role and importance of servicing as the stage upon which the European mortgage industry is set.