The Prime Collateralised Securities initiative (PCS) is an independent, not-for-profit initiative set up to re-inforce the asset-backed securities market in Europe as a key to generating robust and sustainable economic growth for the region. At the heart of the PCS initiative are its True Sale and Risk Transfer Labels designed to enhance and promote standards of quality, transparency and simplicity throughout the asset-backed market and its STS reporting activities designed to assist the securitisation market to transition to the new regulatory regime.