Following its meeting today, the council of European finance ministers (ECOFIN) released a statement covering what it saw as the priorities for Europe. The statement specifically encouraged 'the Commission to develop, a dedicated EU framework for simple and transparent securitisations designed to further maximise consistency, transparency and legal certainty for all stakeholders in the market' and suggested a deadline for the development of such scheme of the summer of 2015. This is very encouraging and consistent with the PCS view that a definition of high quality securitisation should be expected well before the end of 2015. This would allow the incorporation of this definition and a possible recalibration of capital requirements by the end of 2015 or early 2016.
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