EPIC might as well be the name for the Special Purpose Vehicle banks are stringing together for the Structured Finance Support Fund.

Or solidifying, the ASF late yesterday sharing a summary document setting out the key features of the forbearance SPV structure they worked on these last two months.

It’s a ‘limited time, limited asset class, limited investor pool’ little thing and no limits whatsoever on the horizons ahead.

To reframe that: all banks, many non-banks and fintechs, all asset classes. For all time.

Treasury must be drawn deeper into financial services supply and figure out how all the pieces (Centrelink, the ATO, the AOFM) fit together.