Wednesday 14 November 2012 Prime Collateralised Securities (PCS) – an industry-led, European non profit initiative - has been launched in London. At the same time the appointment of the nine board members has been announced, amongst them NautaDutilh's chairperson of the Board Michaëla Ulrici. PCS has been set up to grant a label for high quality securitisations that meet best practice in terms of quality, transparency, simplicity, and standardisation.
During the last two years a group of communities of interest, banks, investors and advisers have worked hard to define the principles of the quality mark. It expects to grant the first label in the next month. About her reason for existence the press release of PCS expounds: Access to securitisation markets for issuers (corporates and banks) is increasingly important to overcome funding shortfalls for the real economy in Europe. Securitisation, a financial technique, can be an important instrument. Despite the very strong underlying performance of European asset-backed securities since 2007, the smaller investor base is affecting companies reliant on capital markets, as well as Europe's broader economic recovery.
As market leader in the field of securitisations in the Netherlands, NautaDutilh supports the PCS initiative.
Besides Michaëla Ulrici the following persons are appointed on the board
- Francesco Papadia (former Director General for Market Operations at the European Central Bank); chairman
- Richard Bartlett, Head Debt Capital Market EMEA, RBS
- Ian Bell, Head of the Prime Collateralised Securities Secretariat
- Mirco Bianchi, Head of Group Finance, Unicredit
- Prof José Campa, former Secretary of State for the Economy in the Spanish Ministry of Economy and Finance
- Gregor Gruber, Allianz Investment Management, member of the Investment Management Board
- Anneli Peshkoff, former Director of Treasury at European Investment Bank
- Gaelle Philippe Viriot, Head of ABS at Axa Investment Managers.
Click here for more information on PCS.