The plan HSBC has unveiled for its two structured investment vehicles could provide a "blueprint" for the overhaul of other bank-sponsored vehicles and offer an alternative to the creation of the so-called M-LEC super-fund, according to analysts.

HSBC, one of the biggest players in the SIV market, yesterday moved to restructure its SIVs, Cullinan and Asscher, using up to $35bn (€23.5bn) of its own capital to support their fragile financing structures and prevent a full-blown firesale of their assets.