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 was whether the current proposal did incorporate those lessons. PCS also drew attention to some missing elements of the proposal and to the recent report by Paul Tang.