The latest figures from the ISE show only 54 new listings in September compared to 84 in August and 58% down a record high of 128 in July, just before investors abandoned the securitisation market.

There has been an overall 19% increase in the number of new debt vehicles year-to-date when compared to the same period in 2006, but the trend since the eruption of the so-called "credit crisis" has been decidedly downwards.

In an otherwise upbeat report on its activity in a volatile third quarter, the stock exchange attributed the slowdown to "uncertainties in global "nancial markets and resultant depressed conditions in issuance markets".

The first half of the year had already shown robust growth in the listing of debt entities, with a 30% increase in activity over the year-before period. But the good times came to an abrupt end beginning in late July as problems in US residential mortgages . . . which are part of the asset mix in many Dublin-listed debt entities . . . began to affect investor confidence and some debt-finance vehicles neared collapse.

Among the first to go was German bank IKB's Dublin-listed Rhineland vehicle, which had to secure a 12.5bn bail-out after it found it could no longer raise sufficient funding to cover its commitments. Rhineland was followed by Ormond Quay, a non-listed conduit set up by the Dublin branch of Leipzig's Sachsen Landesbank, which needed a 17.3bn rescue package.