We address the problem of coding video signals in the presence of correlated video side information. The correlated video signals may originate from cameras that monitor the same scene from different view points. We utilize motion-compensated temporal wavelet transforms to decorrelate the video signals in temporal direction. One camera signal will provide the side information to improve the coding of the second camera signal. The side information is utilized in the transform domain after disparity compensation in the image domain. Given the correlation of the video side information, we investigate the bit rate reduction for the video coding scheme. Interestingly, the efficiency of multi-view side information is dependent on the level of temporal decorrelation: For a given correlation-SNR of the side information, bit rate savings due to side information are decreasing with improved temporal decorrelation.