A further reminder of the change in the investor pool for RMBS came from Standard & Poor's with the release on Thursday of its Inside ABCP report for September 2009. S&P continues to observe the decline in Australian ABCP outstandings, now down to A$29 billion at the end of September, from around A$65 billion at the end of 2007. ABCP was a favoured method of funding for conduits, and SIVs and RMBS (and residential mortgages) continue to account for more than 70 per cent of the assets underlying the remaining ABCP programs. However, the number of remaining programs fell by four in September with National Australia Bank winding down Titan Securitization, and the first series of three more programs from Mirastar Securitisation, Quasar Securitisation and Titan NZ Funding programs. This marks the effective withdrawal of NAB from the Australian ABCP market.