Putting the “a” back into “alm”

The authors trace the inside story of a ground‐breaking transaction which they pioneered. It enabled Barclays Bank to shed all the credit risk it held as the result of originating unsecured consumer loans in a particular branded portfolio. As such the transaction allowed Barclays to separate the business of origination from the business of managing the balance‐sheet. This achievement has far‐reaching consequences for the world of asset and liability management which the authors outline and discuss.