News - PCS

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12/04/2013

Irish Department of Finance publishes a report on the non-bank funding of growth and jobs in Europe. PCS is explicitly described as "as step in the right direction"

In the context of the Irish Presidency of the Council of the European Union, the Irish Department of Finance has published a summary report entitled "High-level Workshop on Non-Banking Funding of Growth and Jobs in Europe". The report, which complements and supports the EU Commission's ongoing work on the issue of long-term funding (and, in particular, its Green Paper) examines possible source of non-bank funding necessary to bridge the funding gap which results from the deleveraging of banks. This report looks into securitisation funding for SME's. It also specifically refers to the PCS initiative, which it describes as "a step in […]

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02/04/2013

Fitch publishes a report on Basel III proposals for securitisation - "Capital Requirement Proposals Diverge from Structured Finance Performance"

Fitch Ratings has published a report on the Basel III proposals for securitisation. The full report can be found here. A particularly striking chart, displayed below, shows the proposed Basel III capital charges against realised and expected losses:

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25/03/2013

European Commission publishes a Green Paper on long-term financing of the European economy – securitisation is mentioned as one of the financial channels that could unlock additional long-term funding

Today, 25th March 2013, the European Commission publishes its Green Paper on the long-term financing of the European economy. The Green Paper contains very positive comments on securitisation, including the following paragraph: "Reshaping securitisation markets could also help unlock additional sources of long-term finance. Subject to appropriate oversight and data transparency, they can help financial institutions free capital, which can then be mobilised for additional lending, and manage risk. Market-based initiatives to stimulate securitisation markets include emerging labels for high quality, transparent and standardised securitisations. There is scope to develop simple securitisation products based clear and unleveraged structures, using well-selected, diversified and […]

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25/03/2013

PCS White Paper quoted in the Financial Times

In an article published on 18th March, the Financial Times quoted from the PCS White Paper regarding the potential impact of bank deleveraging in Europe if the resulting funding gap cannot be bridged. Click here for article

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22/03/2013

PCS amends checklist, Rule Book and Eligibility Criteria

Following the recent PCS market committee and PCS Europe Board meetings, a number of amendments have been made to the PCS Rule Book and in line, tracking amendments to the PCS Checklist and the PCS Eligibility Criteria. The key highlights of the changes are amendments to certain criteria relating to consumer loans and existing transactions as well as a change in the "End of the Interim Period" date to August 15, 2013. The updated Checklist can be located at pcsmarket.org/checklist together with the previous versions. The updated Rule Book and Eligibility Criteria can be found at pcsmarket.org/downloads.

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19/03/2013

PCS submits its response to the Basel Committee on its consultation on a new securitisation framework

On Friday 15th March, PCS filed its response to the Basel Committee's consultation on a new securitisation framework (click here for the PCS response). PCS welcomes the Basel Committee’s work on a new securitisation framework. In particular, PCS believes the introduction of the concept of “high-quality securitisation” as the starting point of such a framework is a major positive development. PCS does have some strong reservations though about the new proposed framework. In particular PCS believes: (i) the concept of “high-quality securitisation” should be grounded in the lessons of the crisis and also encapsulate the “qualitative” elements that the crisis has […]

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18/03/2013

PCS publishes White Paper on bank deleveraging and the need to bridge the European funding gap

Today, the Prime Collateralised Securities initiative is publishing a White Paper on the likely impact on Europe of bank deleveraging and possible ways of bridging the resulting funding gap. PCS believes that, as the acute bank and sovereign crisis of the last few years appears to be receding, the task of providing for the long term funding of the European real economy is posing a critical challenge for policy makers. Aware of the focus on this matter in Europe and globally, with this paper PCS hopes to contribute to this important debate.

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26/02/2013

Financial News article links European Data Warehouse and PCS in the move to high quality securitisation

In its recent article, Financial News covers the European Data Warehouse and links it with PCS as another initiative designed to increase the transparency of European securitisation markets. It mentions the fact that PCS declined to give a label as a clear indication that the label is not a "rubber stamp". http://www.efinancialnews.com/story/2013-02-25/regulators-and-issuers-gear-up-for-european-rmbs-register

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26/02/2013

EBA publishes a consultation paper on the definition of liquid assets for the Liquidity Coverage Ratio

The European Banking Authority is required to provide advice to the European Commission on the types of assets that may be allowed to count toward a bank's Liquidity Coverage Ratio (LCR). On February 21st, the EBA released a discussion paper presenting the methodology and scope of its forthcoming analysis on definitions of highly liquid assets and requesting expressions of views by March 21st 2013 (http://eba.europa.eu/News--Communications/Year/2013/EBA-consults-on-the-process-to-define-highly-liqui.aspx). Following the consultation, the EBA will deliver its final report to the European Commission for integration in CRD. This is a very important consultation for the future of securitisation in Europe. Any high quality asset […]

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21/01/2013

PCS amends some of the Eligibility Criteria

Based on the experience of the first label, PCS had made a small number of amendments to the Eligibility Criteria. The amendments are minor and primarily reflect a tidying up exercise where some of the original criteria showed some internal inconsistencies. A "blacklined" version of the Eligibility Criteria can be found here showing all the changes.

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15/01/2013

PCS files a response to the Financial Stability Board's Consultative Document on Shadow Banking

PCS has filed a response to the FSB's consultation on Shadow Banking which can be found here. Generally welcoming the FSB's approach, PCS questions the categorisation of "securitisation" as an "economic function" in the FSB's analysis and makes a number of suggestions both as to the general approach to non-bank systemic risk and the detailed FSB suggestions

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17/12/2012

PCS User Guide Roadshow Presentation

The PCS User Guide Roadshow was held in London, Frankfurt, Amsterdam and Paris and also by Webinar from 10th to 13th December. Click here to download the presentation.

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28/11/2012

PCS awards its first ever label

Today, November 28th, PCS awarded its first ever label. The label was awarded to Bilkreditt 3, an auto loan transaction originated by Santander in Norway. The first PCS Label signals the start of a new era in European securitisation where the increasingly understood need for a strong securitisation market to fund the real economy is balanced with the imperative to maintain a European market that is safe, strong and transparent. More information can be found in the press release below. First Label Press Release

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27/11/2012

PCS announces save the date(s)/time(s) for PCS User Guide Roadshows

Please find below "Save the Date(s)" details for the PCS User Guide Roadshow, the details of which are as follows: Monday 10th December, London, 12:00 CET / 11:00 GMT. The presentation will be held at the office of Clifford Chance, 10, Upper Bank Street, London E14 5JJ. Tuesday 11th December, Frankfurt, 11:00 CET/ 10:00 GMT. The presentation will be held at the office of the True Sale International GmbH (TSI) Wednesday 12th December, Amsterdam, 11:00 CET / 10:00 GMT. The presentation will be held at the office of the Dutch Securitisation Association, (DSA) Thursday 13th December, Paris 09:30 CET / 08:30 GMT. The presentation will […]

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16/11/2012

Chairman of the BNP Paribas Board expresses his support for PCS in a speech to the Autorite des Marche Financiers

Baudoit Prot, Chairman of the Board of BNP Paribas mentioned the PCS Label as a positive development in securitisation in a hard hitting speech on regulation made at the Autorite des Marches Financiers: Les Echos

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14/11/2012

PCS Board announcements

Press Release – Wednesday 14 November 2012 ‘PCS’ Securitisation Label opens for business with senior Board appointments Prime Collateralised Securities (PCS) ‐ an industry‐led, nonprofit initiative to develop a label for high quality securitisations – today marks its official opening with a series of high‐profile Board appointments. PCS has been set up to grant labels for high quality securitisations that meet best practice in terms of quality, transparency, simplicity, and standardisation. It expects to grant the first label in the next month. The new PCS Board comprises: Francesco Papadia, former Director General for Market Operations at the European Central Bank Anneli Peshkoff, former Director of Treasury […]

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09/11/2012

PCS Rule Book

Click Here to download the PCS Rule Book PDF

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09/11/2012

The PCS Association

content to follow

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25/10/2012

PCS True Sale Procedures Manual

(link to pdf of manual) This document sets out the procedures laid down by Prime Collateralised Securities (PCS) UK Limited (the “PCS Secretariat”) for the award of a PCS Label and which an entity applying for the label (the “Applicant”) will be required to follow. The PCS Secretariat shall use all reasonable efforts to follow these procedures but reserves the right to depart from them as it deems reasonable. These procedures are not binding on the PCS Secretariat. The PCS Label is not a recommendation to buy, sell or hold securities. It is not investment advice whether generally or as […]

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25/10/2012

PCS True Sale Terms and Conditions

(link to the pdf of the terms and conditions) These are the terms and conditions which applicants to the label will be required to sign up to. PCS Terms and Conditions 2012-1 The Applicant acknowledges and agrees to the terms and conditions set out below. Definitions "Appeal Procedures" means the procedures set out as an appendix to the Label Procedures and dealing with any appeal against the refusal by PCS to award a Label. "Applicant" means the person so named in the relevant Application. "Application" means an application to PCS for the award of a Label, which seek to incorporate these terms […]

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25/10/2012

Label Fees

This section sets out the fees payable for both PCS True Sale and PCS Risk Transfer labels. Initial Fee The initial fee for each application to award a PCS Label is £9,000 or Euro 12,000 plus any applicable VAT. For the avoidance of doubt, the Initial Fee is charged on a transaction basis notwithstanding how many separate tranches of securities or risk transfer instruments in that transaction are awarded a label. The payment currency of the fee will be either Euro or £ and will be determined by the following criteria: a. If the securities receiving the label/the protection payments under […]

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12/06/2012

PCS launch

Press Release – Embargoed until 1330 CEST (1230 GMT) Tuesday 12 June 2012 Finance Industry Launches ‘PCS’ Securitisation Label to Revitalise Market The Association for Financial Markets in Europe (AFME) and the European Financial Services Round Table (EFR) today announce the launch of Prime Collateralised Securities (PCS) - an industry-led, nonprofit project to develop a label for high quality securitisations which meet best practice in terms of quality, transparency, simplicity, and standardisation. With the first label expected to be granted by the PCS Secretariat towards the end of this year, a number of key milestones have been reached: establishment of […]

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