15 December 2020: We announced a delay to the proposed effective date for policy resulting from Consultation Paper (CP) 11/20 ‘Solvency II: The PRA’s expectations for the work of external auditors on the matching adjustment’. Please see the CP page for further details.
7 December 2020: We published a statement announcing our decision to maintain firms’ Systemic Risk Buffer rates at the rate set in December 2019 for a further year until December 2022, with no rate changes taking effect until January 2024.
9 November 2020: We published an updated statement on Covid guidance to replace previous guidance for PRA-regulated firms ‘Statement by the PRA on key financial workers who are critical to the Covid-19 response’, in light of updates from UK Government.
28 October 2020: We published CP19/20 ‘Resolution assessments: Amendments to reporting and disclosure dates’. These proposals in this CP are made in light of the PRA’s decision to alleviate operational burdens on firms due to the impact of Covid-19, and to ensure firms’ senior management are able to engage fully in the Resolvability Assessment Framework (RAF) report submission (reports) and disclosure (public disclosures) process.
The CP is relevant to UK banks and building societies with £50 billion or more in retail deposits on an individual or consolidated basis, as at the date of their most recent annual accounts. Responses are requested by Sunday 31 January 2021.
7 October 2020: We sent a letter to all PRA-regulated credit unions notify them of our decision to publish a model direction modifying a PRA rule on minimum provisioning requirements, which is available on the Waivers and modification of rules page.
24 September 2020: We note the recent statement made by UK Government and Devolved Administrations on Covid-19 on Tuesday 22 September 2020. Firms should continue to follow Government advice on working from home until notified otherwise.
The financial services industry has continued to operate during the coronavirus outbreak with homeworking and some workers operating in locations such as branches and call centres.
We have previously published advice on the steps financial firms should take ‘Statement by the PRA on key financial workers who are critical to the Covid-19 response’ – this has been updated today to reflect recent developments.
27 August 2020: We published ‘Update to the temporary approach to VAR back-testing exceptions to mitigate the possibility of excessively pro-cyclical market risk capital requirements’ following our previous ‘Statement on VAR back-testing exceptions temporary approach’, which was published on Monday 30 March 2020.
26 August 2020: We published a statement clarifying the PRA's approach to IFRS 9 and capital requirements in response to updated FCA guidance on retail mortgage payment deferrals.
11 August 2020: In response to a request from the Building Societies Association, we published a letter from Mel Beaman, Director for UK Deposit Takers: ‘Building societies sourcebook – fixed rate lending guidelines’.
28 July 2020: We published a ‘Statement by the PRA on EBA Guidelines on reporting and disclosure of exposures subject to measures applied in response to the Covid-19 outbreak’ which sets out how the EBA disclosure requirements are to be implemented and how firms should submit their disclosures, following the previous statements dated Wednesday 24 June and Friday 10 July. The disclosure template was published alongside this statement.
28 July 2020: We published ‘PRA statement on dividend payments and share buybacks beyond 2020’, following the European Central Bank’s announcement on dividend payments and share buybacks.
10 July 2020: We published an update to our ‘Statement by the PRA on implementation of the EBA Guidelines to address gaps in reporting data and public information in the context of Covid-19’.
7 July 2020: We published a statement clarifying the PRA’s approach to the application of the matching adjustment during Covid-19.
30 June 2020: The PRA published a statement set out its views on some of the CRR ‘Quick Fix’ requirements, including some guidance for firms.
26 June 2020: We published a statement ‘Covid-19 regulatory reporting and disclosure amendments’ which updates our approach to regulatory reporting and Pillar 3 disclosures for PRA-regulated banks in response to the Covid-19 outbreak.
26 June 2020: We published an update to ‘Statement on the regulatory treatment of the UK Coronavirus Business Interruption Loan Scheme (CBILS) and the UK Coronavirus Large Business Interruption Loan Scheme (CLBILS)’ to include clarifications on the application of credit risk approaches for firms.
24 June 2020: Following the European Banking Authority (EBA)’s publication of its ‘Guidelines to address gaps in reporting data and public information in the context of Covid-19’, we published a statement providing guidance to firms on implementation of the EBA’s guidelines.
24 June 2020: We published an update to ‘Covid-19 regulatory reporting amendments’.
8 June 2020: The Bank of England and PRA published a joint statement acknowledging the European Systemic Risk Board’s recommendations for the restriction of distributions during the Covid-19 pandemic.
4 June 2020: We published a letter from Sam Woods to UK deposit-takers on the IFRS 9 and capital requirements aspects of initial and further payment deferrals.
2 June 2020: We published a statement on the use of electronic signatures to evidence forms and other documents delivered to the PRA in light of the Covid-19 outbreak.
29 May 2020: We published a set of Q&As answering some commonly asked questions regarding residential and commercial property valuations for CRR purposes during the period of disruption caused by Covid-19. The document is aimed at all firms to which the CRR applies.
22 May 2020: We published a statement on the application of regulatory capital and IFRS 9 requirements to payment holidays granted or extended to address the challenges of Covid-19.
7 May 2020: We published a statement on temporarily setting Pillar 2A requirements as a nominal amount, to alleviate unwarranted pressure on firms.
7 May 2020: The Bank of England and PRA published a statement announcing amendments to resolution measures aimed at alleviating operational burdens on PRA-regulated firms in response to the Covid-19 outbreak.
4 May 2020: We published a statement on credit risk mitigation eligibility and leverage ratio treatment of loans under the Bounce Back Loan Scheme (BBLS). We also published a ‘Modification by consent of the exclusion of loans under the BBLS from the calculation of the total exposure measure of the Leverage Ratio’, available on the Waivers and modification of rules page.
27 April 2020: We published a ‘Statement on the regulatory treatment of the UK Coronavirus Business Interruption Loan Scheme (CBILS) and the UK Coronavirus Large Business Interruption Loan Scheme (CLBILS)’ in response to HM Treasury’s announced changes to the schemes Opens in a new window Opens in a new window.
24 April 2020: We published an update to the ‘Statement by the PRA on key financial workers who are critical to the Covid-19 response’.
23 April 2020: We have published a follow-up note for PRA-regulated insurers on the letter from Sam Wood’s ‘Covid-19: IFRS 9, capital requirements and loan covenants’, clarifying the PRA’s position on the treatment of loans.
20 April 2020: The PRA published a set of Q&A's to answer some commonly asked questions on the usability of liquidity and capital buffers and their operation as set out in PRA rules and guidelines and in response to the Covid-19 outbreak. The document is relevant to all banks to which CRD IV applies.
9 April 2020: With support from the Financial Policy Committee, we published a statement on the ‘PRA decision on Systemic Risk Buffer rates’, in response to the Covid-19 outbreak. We also published a ‘Modification by consent of the calculation of the total exposure measure of the Leverage Ratio’ available on the Waivers and modification of rules page.
9 April 2020: We updated the ‘Covid-19 regulatory reporting and disclosure amendments’ statement to reflect the deadline extension of two additional returns ‘Supervisory benchmarking exercise – credit risk’ and ‘REP005 – High earners report’.
8 April 2020: We have sent a letter to all PRA-regulated credit unions inviting them to consent to a modification of Rule 3.11 of the Credit Unions Part of the PRA Rulebook in accordance with the direction available on the Waivers and modification of rules page.
3 April 2020: Joint with the FCA, we published a statement on the ‘Senior Managers and Certification Regime and Coronavirus: Our expectations of firms’ relevant to dual-regulated firms.
2 April 2020: On 31 March 2020 the European Banking Authority published a ‘statement on supervisory reporting and Pillar 3 disclosures in light of Covid-19 Opens in a new window Opens in a new window’ Please read the PRA statement ‘Covid-19 regulatory reporting and disclosure amendment’ for more information. The Bank also published a notice with guidance for firms on statistical reporting.
2 April 2020: We published a joint PRA and HMT statement on the delay to implementation of the Basel 3.1 standards.
31 March 2020: We published a letter from Sam Woods to UK deposit-takers on ‘Dividend payments, share buybacks and cash bonuses’, a PRA statement on ‘Deposit-takers’ approach to dividend payments, share buybacks and cash bonuses’, and a letter from Sam Woods to insurers on ‘Distribution of profits’.
30 March 2020: We published updates on ‘VAR Back-Testing Exceptions Temporary Approach’ and ‘Exposure value for Internal Models Method Counterparty Credit Risk’.
26 March 2020: We published a letter from Sam Woods to Chief Executive Officers of UK Banks on ‘Covid-19: IFRS 9, capital requirements and loan covenants’. We also published a Joint statement by the FCA, FRC and PRA.
24 March 2020: On 23 March 2020, the UK Government issued guidance regarding which businesses should remain closed Opens in a new window Opens in a new window as part of further social distancing measures. Please read the ‘Statement by the PRA on bank, building society and credit union branches remaining open following updated Covid-19 guidance’ for more information.
20 March 2020: On 19 March 2020, the UK Government published guidance for schools, colleagues and local authorities on maintaining educational provision Opens in a new window Opens in a new window. Please read the 'Statement by the PRA on key financial workers who are critical to the Covid-19 response' for more information.
