Risk Transfer Securitisation Eligibility Criteria

LIGIBILITY CRITERIA For full definitions of the capitalised terms in this section, please consult the Glossary in the Schedule. 1. Common Eligibility Criteria To obtain a PCS label the following criteria need be met by all securitisations: (a) Balance Sheet Asset (i) In the case of a regulated bank or insurance company, the Underlying Assets must be at or before the Specified Date on the regulatory balance sheet of the Protection Buyer or one of its affiliates; (ii) In the case of any other type of Protection Buyer, the Underlying Assets must be owned by the Protection Buyer or a […]

PCS awards its 150th PCS label certificate

Prime Collateralised Securities (PCS) UK Limited (“PCS”) is pleased to announce that it has awarded its 150th Label Certificate for Dutch Residential Mortgage Portfolio II B.V., a Dutch residential mortgage securitisation from Achmea Bank. The transaction size was Eur 692.2 million across Class A, B and C Notes with Class A being publicly placed to investors across Europe. The PCS Label Certificate was awarded in respect of the Class A Eur 600 million Notes. PCS was established in 2012 with the aim to strengthen the asset-backed securities market as sustainable investment and funding tools for both investors and originators with […]

Bloomberg covers the securitisation world's outreach efforts

Bloomberg publishes a brief article covering the securitisation world's efforts to explain often complex issues to a legitimately confused public (PCS is quoted). As the debate on securitisation moves - through the work of the European Parliament - from a world of technical experts to the public sphere, it is incumbent on securitisation stakeholders to acknowledge the stigma created in the public by the crisis and their concomitant duty to explain clearly and simply to an understandably suspicious audience how the lessons of the crisis have been learned.

PCS appears at the European Parliament hearing on securitisation

Today PCS, together with the EBA, Santander, LBBW and an academic presented to and answered questions from Members of the European Parliament at a hearing in Brussels. Each person invited to the hearing was able to give a five minute presentation before being required to respond to queries. PCS’ presentation to the European Parliament on the STS proposal acknowledged that the starting point of any investigation of the proposal should be the crisis of 2007/2008 and what lessons can be learned from the performance of some types of securitisations during that crisis. Having learned those lessons, the question before the Parliament […]

The Board of the PCS Association publishes its framework for analysing jurisdiction specific PCS Label criteria

It is not uncommon for PCS to be approached by market participants suggesting new criteria or amending existing criteria to reflect the specificities of a given jurisdiction. To assist with the task of analysing such requests, the PCS Board has created an an analytical framework designed to provide consistency in the process and the intellectual approach. To assist stakeholders who may wish to approach PCS with requests for jurisdiction specific criteria, the Board has chosen to publish a description of this framework. Attention must be drawn, however, to the final paragraph of this paper which stresses that this approach is […]

Kirti Vasu joins the board of PCS UK as a non-Executive Director

PCS is delighted to announce that Kirti Vasu has joined the board of the Prime Collateralised Securities (PCS) UK Limited (“PCS UK”) as a non-Executive Director. Kirti was a partner at Clifford Chance, with a significant track record in the Securitisation area, until her retirement last year. PCS UK is the operating entity of the PCS initiative and is responsible for the issuance of the PCS Label. PCS welcomes Kirti’s participation and future contributions to PCS UK.

Updated version 10 of the PCS Rulebook, PCS Eligibility Criteria and PCS Checklist now available

PCS has issued Version 10 of the PCS Rulebook, PCS Eligibility Criteria and PCS checklist. These documents together with blacklined versions of the PCS Rulebook and PCS Eligibility Criteria (comparing Version 10 with Version 9) can be found by clicking here. The criteria changes are in relation to concentration limits for RMBS, in particular smaller transaction sizes

Baroness Sharon Bowles and Waleed El-Amir join the board of PCS

PCS is delighted to announce that Baroness Sharon Bowles and Waleed El-Amir have joined the board of the PCS Association. At the General Meeting of the PCS Association, the current board was unanimously re-elected. In addition, Waleed El-Amir, Head Group Strategic Funding and Portfolio at Unicredit was elected to replace Mirco Bianchi who has taken on extensive new responsibilities within the Unicredit Group. Also Sharon Bowles, a member of the British House of Lords and former Member of the European Parliament and former Chair of its Economic and Monetary Affairs Committee has joined the PCS Board. She will be replacing […]

PCS publishes updated Rule Book for Belgian RMBS criteria

PCS has today published its updated version 9 Rule Book, Eligibility Criteria and Checklist. The new versions contain criteria for a new section, Belgian RMBS criteria. The updated version 9 Rule Book, Eligibility Criteria and Checklist, together with a blackline comparison of the Rule Book and Eligibility Criteria can be found on the PCS Website.

PCS grants its 100th label

As the regulatory debate on "STS securitisation" fast approaches the stage of concrete proposals, PCS is delighted to announce that it has issued its 100th and 101st high quality securitisation labels to Master Credit Cards PASS Compartment France 2015-1, a French credit card securitisation issued by Carrefour Banque (label 100) and HIGHWAY 2015-1, a Dutch auto fleet lease securitisation issued by Athlon Car Lease Nederland (label 101) respectively. With these milestones, the volume of transactions which the market has entrusted to the PCS Label reaches € 136 billion of PCS labelled senior notes (and €154 billion by total securitisation transactions […]

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