It has proven to be a slow and laborious process getting the first credit-enhanced project bonds structured in Europe, but the first deals are finally expected in 2013.

A few short years ago, securitisation was blamed for triggering the financial crisis and was seen as the root of all evil. However, there are now signs of change, with issuers slowly beginning to reconsider the market as investor appetite returns.

Renewed access to capital markets for both the sovereign and the two largest banks has prompted hopes that Ireland will be able to exit multilateral support programmes successfully by the end of 2013.

As Basel III regulations come into play, banks looking for a quick fix to bulky balance sheets are divesting their trade finance assets, creating a gap in the market that investor groups and other alternative financiers are keen to fill.

Management, shareholders and regulators all seem to carry some of the blame for allowing Monte dei Paschi to acquire Antonveneta, which created uncontrollable risks for what had previously been one of Italy's more conservative banks.

Improved risk appetite allowed peripheral sovereigns and banks, together with high yield corporates at the lower end of the credit spectrum, to reaccess the market at the start of 2013, as investors seek new frontiers for higher yield.

DenizBank's modern, nimble IT system has a series of admirers in the banking world, and includes none other than Bill Gates among those who it has impressed. The bank's chief operating officer tells The Banker how DenizBank is now ready to take its IT knowhow to a wider international audience.