Consolidation - Several possible meanings, but in the context of securitisations, normally refers to the action of a judicial authority in treating the SPV and the originator as the same entity by applying a legal concept called lifting or piercing the corporate veil. If consolidation is done by a Court, the transfer of assets by the originator to the SPV would become unfructuous. Securitisation structures aim at avoiding the possibility of a consolidation by Courts.