The European Banking Authority (EBA) is now a Permanent Observer of the Prime Collateralised Securities Association (PSCA), making it the first regulator with this status, according to a press release from PSC Secretariat, headed by Ian Bell.
The PSC is a branding initiative that connotes best practices in the industry. Deals with the PSC label are backed by assets linked to the real economy.
Other European entities which are Permanent Observers of the project include the European Central Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the European Investment Fund and KfW. Observers provide “input to future PCS meeting and decision-making,” the release said.
Since launching in June 2012, the PCS label has been assigned to 42 securitizations, making up a total 77.4 billion ($105.6 billion) in issuance. Last year, PCS deals accounted for about 68%, by volume, and 55%, by number, of all eligible European, investor-placed securitizations, according to the release.