2024 - The Year In Review

Everything you need to know about reforming Europe’s securitisation rules… and some you don’t

PCS, together with many other stakeholders, filed its response to the Commission’s consultation on Europe’s securitisation framework. At 167 questions, there is no doubt the Commission’s survey was comprehensive. At a little over 30,000 words, we hope PCS’ response was too. Reflecting our nature as an independent voice seeking to help revitalize the securitisation market as a safe and strong tool for financing the European economy, our response seeks to present a coherent approach and a middle course between the minimalist posture of some stakeholders, most prominently the prudential regulatory community, and a more radical, and in our view maybe […]

June 2024 Newsletter

PCS response to the PRA consultation on the output floor

Today, PCS submitted its response to the PRA on its consultation on how best to handle the introduction of the output floor pursuant to Basel 3.1 as it relates to securitisation. Although welcoming the PRA’s suggestions, PCS felt bound to point out that all the obvious difficulties that flow from a rigid application of the proposed Basel rules to securitisations – and especially SRT securitisations – flow from the original miscalibration of the capital requirements. More specifically, they flow from an incorrectly calibrated non-neutrality factor. This is then made worse by structural flaws in the current CRR architecture that results […]

2023 - The STS Year in Review

October 2023 Newsletter

New PCS Member

It is a great pleasure to announce that Piraeus Bank, a leading systemic Greek Bank, has become the newest member of the PCS Association. We welcome them to the PCS family and look forward to their participation and input.

PCS files its response to the Financial Stability Board's request for feedback

PCS filed its response to the FSB's request for feedback on the success or otherwise of the G20 reforms of the rules surrounding securitisation. Although the FSB is a body with a global remit, in line with our social purpose and our area of expertise, PCS' response deals with the impact of securitisation regulations in Europe, including both the European Union and the United Kingdom. In view of the very short time provided by the FSB for comments - a mere three weeks - our piece is short and provides a high-level view of the impact of the current regulations […]

New PCS Member

It is both a pleasure and an honour for us to announce that Attica Bank has become a member of the PCS Association. Headquartered in Athens, Attica Bank shares PCS' commitment to the growth of the securitisation market both in Greece and throughout Europe.

New PCS Members

PCS is honoured to receive three new members to the PCS Association. These are Alpha Bank, Eurobank and Waselius & Wist. Alpha Bank and Eurobank are two leading banks in Greece, both active in the securitisation market on the synthetic side. Waselius & Wist is a prominent Finnish law firm based in Helsinki and also active in securitisation having represented the biggest players in the market. We welcome them to the growing PCS family and look forward to their contributions to PCS’ continued mission of assisting European securitisation grow as an essential tool for the funding of the economy.