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In this paper we elaborate on a recently proposed approach for scalable video-coding based on in-band prediction in the overcomplete wavelet domain. It is shown that, through a new calculation scheme for the level-by-level complete to overcomplete discrete wavelet transform (DWT) that exploits certain symmetries, important reductions in the multiplication budget are obtained in comparison to the fastest-known algorithm of the literature. Based on the derived overcomplete transform-domain coefficients, a pixel-accurate motion estimation and compensation (ME/MC) algorithm is proposed, which provides a hybrid-coding framework that supports full scalability in resolution, quality and frame rate. To give an indication of the coding performance of such a system, some preliminary results are reported.