PCS responds to the ECB/Bank of England joint consultation

Last Friday, PCS filed its response to the ECB and Bank of England's excellent joint consultative document. The PCS Response to BoE/ECB consultation welcomes the proposed approach of defining high quality securitisation and providing some role for such a definition in the regulatory schemes. PCS also is broadly supportive of the principled based approach adopted by the Bank of England and the ECB. However, PCS also expressed its concern that the very weak securitisation market needs urgently a sense that new regulatory proposals are progressing in the right direction. Although we understand that the process of crafting regulations is a time […]

PCS criteria changes

When the PCS criteria were first published, we made it clear that these criteria, representing a view of what was “best practice” in the securitisation field, were a living construct. Over time, it was anticipated that changes would be made. Therefore, 18 months on, PCS is introducing its first substantial revision of the criteria. This revision, although introducing some important changes, does not substantially alter principles and rules of the label. The vast majority of the criteria remain untouched. Some are strengthened and new criteria have been introduced, raising the standard enshrined in the label. A very few criteria have been softened or removed when […]

Reuters reports on supportive words from the EBA and on new PCS commissioned empirical study on high quality securitisation

In an article on the Global ABS conference just published, Reuters reported on a speech made at the conference by Adam Farkas, executive director of the European Banking Authority. In his speech, Adam Farkas made a number of positive statements about PCS as an initiative helping with the definition of a space for high quality securitisations. The article also addresses the new empirical study on high quality securitisation's performance (both in credit and liquidity) commissioned by PCS from William Perraudin and Risk Control. The study that can be found on our website provides very strong quantitative comfort for those arguing for […]

PCS commissioned empirical study of HQS performance provides strong support for regulatory efforts

Defining "high quality securitisation" - with a view to incorporating such a definition in the interlocking regulatory schemes that affect the securitisation market - has become a key objective of regulators and policy makers in Europe. Moving in step with this project is the desire to understand the benefits that such a definition could bring both to the crafting of a robust regulatory prudential architecture and to the European economy as a whole. The excellent ECB/Bank of England consultation released recently is another signal in this direction. As part of this debate, PCS has asked William Perraudin and Risk Control […]

PCS welcomes ESMA, Amundi and Freshfields

PCS welcomed on Friday 16th May, the European Securities and Markets Authority (ESMA) as a Permanent Observer and Amundi and Freshfields as new Members of the PCS Association. ESMA joins the European Banking Authority (EBA) as a Permanent Observer to be the second European regulatory body to sit on the PCS Association’s meeting. On the same day, Amundi – with close to € 800billion of assets under management, the first ranking European asset manager- and Freshfields, one of the world’s preeminent law firms, also became members. This felicitously coincided with the award by PCS of its 50th label to a transaction originated by Nationale-Nederlanden […]

PCS responds to the European Commission request for comments on the Liquidity Cover Ratio

Following a general request from the European Commission, the PCS has sent its response to the EBA's report of December 2013 on the definition of High Quality Liquid Assets (HQLA) that may be included in a bank's liquidity cover ratio buffers. In the report, and following the lead of the Basel Committee on Banking Supervision, the EBA did not admit any securitisations as HQLA save a sub-set of RMBS. PCS felt that there were a number of fundamental issues with the approach adopted by the EBA as well as some flaws in the methodological choices which combined to discriminate unfairly against […]

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The PCS Secretariat is pleased to announce that the first PCS labels have been awarded for securitisations with Spanish assets. The two transactions have Spanish corporate loans and consumer loans respectively as their underlying assets

BBVA has successfully applied for and been awarded PCS labels for BBVA Consumo 2 FTA, Series A Bonds and BBVA-6 FYPYME FTA, Series A1 and Series A2(G) Bonds Further details can be found here.

European Banking Authority becomes a Permanent Observer to the PCS Association

Today, the European Banking Authority (EBA) became a Permanent Observer of the Prime Collateralised Securities Association, representing the first regulator to do so and a further sign of high-level European institutional support for the securitisation industry. The EBA will join other observers, such as the European Central Bank (ECB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and European Investment Fund (EIF) and KfW in providing input to future PCS meetings and decision-making. PCS is delighted and honoured by the EBA's decision and looks forward to obtaining the benefit of their insight in its deliberations.

Euroweek article: "Regulators must act on securitisation before it is too late" citing PCS as a possible solution

Euroweek published an article entitled "regulators must act on securitisation before it is too late". The article examines President Draghi's comment in Davos about the lack of securitisation issuance and the role of regulation in this state of affairs. Speaking of the need for a definition of high quality securitisation, it cites the PCS initiative as an example of how this can be achieved and quotes PCS' statements at the Las Vegas US securitisation conference. It also ties the issue of securitisation with that of the rebalancing of the European financial system away for the crushing preponderance of banks. The […]

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