As seen during the first phase of the financial crisis starting in the summer of 2007, unsound practices in securitisation markets resulted in significant threats to the integrity of the financial system, namely due to excessive leverage, opaque and complex structures that made pricing problematic, mechanistic reliance on external ratings or misalignment between the interests of investors and originators (‘agency risks’).
Mar ba léir le linn chéad chéim na géarchéime airgeadais, a thosaigh i samhradh 2007, ós rud é go rabhthas i mbun cleachtais neamhfhónta i margaí urrúsúcháin, tháinig bagairtí móra chun cinn ar shláine an chórais airgeadais, de dheasca giaráil iomarcach, struchtúir theimhneacha chasta a chruthaigh deacrachtaí sa phraghsáil, brath meicníoch ar rátálacha seachtracha nó mí-ailíniú idir leas na n-infheisteoirí agus leas na dtionscnóirí (“priacail ghníomhaireachta”).