When the COVID-19 crisis is contained and economies move back to "normal" operation, banks all over the world will be saddled with substantial amounts of bad debt on their balance sheets. APRA and the major banks in Australia have devised a plan to use securitization to try to move the bad debt off Australian banks' balance sheet. Draw a diagram and explain how the general process will work, describing the flow of risk and return from the banks to the end investor. In the current super low interest rate environment, do you think that securitization will be a more or less expensive method of credit risk management compared to when interest rate was at more normal levels? Explain in detail. Design a specific securitization structure that will effectively remove the bad debt from out of the Australian banking sector. In answering this question, you need to justify all the choices you make in your vehicle structure. You may find it useful to draw a diagram.