As Tox already wrote, the SK keeps it in the group. This is exactly regulated in the contract. The background is also the possibility of merging savings banks.
Covered bonds, yes I know those too, of course. But what Wiki says about securitization is something else, I only partly understand it, and it scares me and I don't want to get involved with it. Karsten
Maybe I can help you understand it if I know what is unclear to you.