PP CS5 Wants to Render all my AVCHD (MTS Files) - RED RENDER BAR

Help Please,

I have a Panasonic AF100 and shooting in 1920 x 1080 25P (Australia)

When I create a new project with same settings (AVCHD, 1920 x 1080 25 Frames Per Second) and import footage (MTS Files) the entire sequence has a RED bar above each clip.  I expected the footage to have Green or Yellow bars unless I apply an effect or transition??

Having to render EVERY clip in my sequence is driving me mad, I have not even applied any effects and just to watch, I need to render every clip..

I am using a Mac 27", 3.2 GHZ, Intel Core i3, 4GB Memory 1333 Mhz DDR3...

Help please, anyone??

thanks in advance