This paper discusses the efficiency of photocyclic initiating system (PCIS) based on a pyrromethene dye (EMP), an amine as electron donor (NPG) and an iodonium salt as electron acceptor (I250) under homogenous irradiation and holographic recording. It is shown that the PCIS is more efficient than the corresponding two component systems. This high efficiency is due to a photocyclic reaction that takes places during the irradiation, inducing the recovery of the dye in the ground state and the formation of two initiating radicals. The beneficial effect on the rate of grating formation and on the diffraction efficiency is clearly noticed. At high irradiation time, the fast polymerization observed with EMP-NPG-I250 even induces the polymerization in the dark fringes leading to a decrease of the holographic diffraction efficiency. This confirms the high performance of the photoinitiating system which can be used in holographic recording provided that the irradiation dose could be controlled.