On 8 October the Reserve Bank relaxed restrictions on the type of RMBS it would accept for repo transactions, with related party RMBS becoming acceptable. Previously, and apart from exceptional circumstances, only third party RMBS was acceptable. This change has triggered a surge in the creation of repo-eligible RMBS that are held on the balance sheet of the sponsor and not sold to investors. First out of the blocks, the week before last, was National, with the creation of the National RMBS Trust 2008-2, which issued almost $2.8 billion of Class A, 'AAA' rated securities, $29 million of Class B, 'AA' rated securities and $90 million of unrated Class C securities. This follows on from the $8.5 billion National RMBS Trust 2008-1 RMBS issue completed in May.Last week eight more such issues were announced with a total value of more than $57 billion. Relatively small issues came from ING Australia's IDS Trust 2008-1; Crusade Trust No.2P of 2008 from St George Bank; AMP Bank's Progress 2008-1R Trust and Citigroup's Securitised Australian Mortgage Trust 2008-2. IDS Trust 2008-1 was a five tranche issue with four tranches rated 'AAA' by S&P, totalling almost $6.4 billion, and an unrated Class B tranche of more than $1.1 billion. The Crusade issue follows the $4 billion, Crusade Trust No.1P of 2008 issue established in May, and comprises a $5.7 billion, 'AAA' rated by Fitch, Class A tranche and a $270 million, unrated, Class B tranche. AMP Bank's Progress 2008-1R Trust totals $2.5 billion with a $2.465 billion, 'AAA' rated by S&P, Class A tranche and a $35 million, 'AA-' rated, Class B tranche. The SAM Trust 2008-2 comprises a $776.8 million, 'AAA' rated by S&P Class A tranche and a $23.2 million unrated Class B tranche.But ANZ and Westpac took the cake with their $18 billion and $21.8 billion top-ups to existing issues. ANZ added to its Kingfisher Trust 2008-1 RMBS issue, originally undertaken in late April. The 'AAA' rated by Fitch, Class A securities were increased by $17.4 billion to $27.5 billion and the unrated Class B securities were increased by $542 million to $677 million.Westpac increased the Class A, 'Aaa' rated by Moody's, securities issued by the Series 2008-1M WST Trust by $19.793 billion, the Class B, 'Aa2' rated securities by $329.1 million and the Class C unrated securities by $724 million. Both banks also launch new RMBS issues via their New Zealand subsidiaries.  This latest batch of repo-eligible securities takes the total created for the year to more than $120 billion. This is far more RMBS, of any sort, than has been originated in any other year in Australia.