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The response will be assessed to inform our work as a regulator and central bank, both in the public interest and in the exercise of our official authority, as UK resolution authority. We may use your details to contact you to clarify any aspects have of your response.
The Bank may share responses in full or in part with HM Treasury (HMT) and the Financial Conduct Authority (FCA) to support the policy-making process. We will retain all responses for the period that is relevant to supporting ongoing regulatory policy developments and reviews. However, all personal data will be redacted from the responses within five years of receipt. To find out more about how we deal with your personal data, your rights or to get in touch please visit Privacy and the Bank of England.
Information provided in response to this consultation, including personal information, may be subject to publication or disclosure to other parties in accordance with access to information regimes including under the Freedom of Information Act 2000 or data protection legislation, or as otherwise required by law or in discharge of the Bank’s functions.
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Responses are requested by Friday 21 November 2025.
Consent to publication
The Bank intends to publish a list of respondents to this consultation, where respondents have consented to such publication.
When you respond to this consultation, please tell us in your response if you agree to the publication of your name, or the name of the organisation you are responding on behalf of, in the Bank’s feedback response to this consultation.
Please make it clear if you are responding as an individual or on behalf of an organisation.
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Please note that you do not have to give your consent to the publication of your name. If you do not give consent to your name being published in the Bank’s feedback response to this consultation, please make this clear with your response.
If you do not give consent, the Bank may still collect, record and store it in accordance with the information provided above.
You have the right to withdraw, amend or revoke your consent at any time. If you would like to do this, please contact the Bank using the contact details set out below.
Responses can be sent by email to:
resolution.information.cp@bankofengland.co.uk
Overview
This consultation paper (CP) sets out the Bank’s proposal to delete six templates of the assimilated EU law Technical Standard 2018/1624 on resolution reporting (COREP13 UKTS, hereafter).footnote [1] footnote [2] These six templates are Z 02.00, Z 03.00, Z 04.00, Z 05.01, Z 05.02 and Z 06.00, and collect financial information from firms to support the Bank’s resolution planning responsibilities.
The Bank set out its intention to consult on changes to COREP13 reporting requirements in the policy statement: Amendments to the Bank of England’s approach to setting a minimum requirement for own funds and eligible liabilities (MREL). The Bank is publishing this consultation now so that firms can consider it alongside a broader PRA consultation to amend, consolidate and simplify other regulatory reporting requirements for PRA-regulated firms.
The deletion of these six COREP13 templates supports the Bank and PRA’s shared intention to simplify and keep resolution-related reporting up to date, while ensuring the Bank, as the UK’s resolution authority, continues to have access to the information necessary to deliver its responsibilities. The PRA is also currently consulting on simplifying and updating its MREL reporting templates (MRL001, MRL002, and MRL003), including to consolidate a small number of fields from the COREP13 UKTS in the MRL003 template.
The Bank is proposing to make these deletions effective ahead of the next annual reporting cycle that is due for submission in April 2026.
Background
Following the UK’s withdrawal from the European Union (EU), the UK retained the EU framework for gathering information required by resolution authorities (the Bank in the UK) to help them prepare for and execute a resolution of a failing or likely to fail firm. These requirements exist alongside other relevant PRA reporting policy.
The COREP13 UKTS sets out technical standards specifying procedures and a minimum set of standard templates for providing information to the resolution authority for the purposes of drawing up and implementing individual and group resolution plans in accordance with Articles 37(3A) and 40(4A) of the Bank Recovery and Resolution (No 2) Order 2014 (No. 2 Order). Under the No. 2 Order, the Bank, as the UK’s resolution authority, may determine which UK resolution entities and UK resolution groups are subject to resolution reporting requirements.
Firms in scope and questions for public consideration
This CP is relevant to institutions and UK parent undertakings (‘firms’) subject to the requirement to annually submit COREP13 reporting to the Bank.
The Bank invites feedback from these firms on the proposal set out in this consultation by Friday 21 November.
Respondents may wish to include responses to the following questions:
- Do you agree with the Bank’s proposal to delete the six COREP13 UKTS templates as described in this CP?
- Do you have any other comments on the proposal set out in this CP?
Please provide those responses by email to
resolution.information.cp@bankofengland.co.uk
Proposal
In this CP, the Bank proposes the deletion of templates Z 02.00, Z 03.00, Z 04.00, Z 05.01, Z 05.02 and Z 06.00 from COREP13 UKTS. These six templates collect information from firms on on- and off-balance sheet items for resolution purposes. In particular:
- Template Z 02.00 collects information on the liability structure of the firm;
- Template Z 03.00 collects information on the firm’s own funds requirements;
- Template Z 04.00 collects information on the firm’s intragroup financial interconnections;
- Template Z 05.01 collects information on the firm’s major liability counterparties;
- Template Z 05.02 collects information on the firm’s off-balance sheet major counterparties; and
- Template Z 06.00 collects deposit insurance information.
The aim of the proposal is to reduce the resolution reporting burden upon firms where possible, by removing the requirement to submit on- and off-balance sheet information which is either duplicative with other reporting requirements, no longer judged to be necessary, or in a small number of cases is proposed to be included in revised PRA MREL reporting templates.
The Bank considers that the deletion of the proposed six COREP13 templates would not harm its ability to prepare for and execute a resolution. The Bank would continue to have access to the essential information it requires to meet its obligations as the UK’s resolution authority through other, existing means. These include the Bank’s Resolvability Assessment Framework (RAF) and the PRA’s revised MREL reporting templates which, subject to the outcome of the PRA’s ongoing consultation, are expected to be effective from 1 January 2027. The Bank, as resolution authority, or the PRA, may also, where necessary, collect information on an ad-hoc basis using other information gathering powers.
The Bank anticipates finalising its response to consultation and publishing the revised policy by end-2026 Q1. Subject to the outcome of this consultation, the proposed effective date for the revocation is 1 April 2026. Firms in scope of the requirements would no longer be required to submit these six COREP13 UKTS templates to the Bank in the next annual reporting cycle that is due for submission in April 2026. The Bank is proposing this timing, which is ahead of the proposed implementation date for the revised PRA MREL reporting templates, having taken into account and notwithstanding the outcome of the PRA’s consultation proposals.
Notwithstanding their deletion, due to systems limitations, the templates may remain in the RegData reporting system for some time after their revocation date. If the proposals in this consultation are finalised, we would ask that, for the time being, firms use simple negative filing indicators for the six deleted templates. This approach would enable the benefits for firms of template deletion to be delivered at the earliest possible opportunity. The Bank would expect to remove the deleted templates from the RegData reporting system in the future which would eventually eliminate the need for firms to report negative filing indicators for these templates.
The requirement for firms to submit COREP13 UKTS reporting templates other than Z 02.00, Z 03.00, Z 04.00, Z 05.01, Z 05.02 and Z 06.00 would not be affected by this proposal. This includes nine templates that collect information on the organisational structure, the critical functions, and the core business lines of firms. The Bank will keep these nine remaining templates in COREP13 under review in the context of the Bank and PRA’s continued work to review and potentially make changes to the content of resolution packs, as set out in PRA supervisory statement SS19/13, and other resolution information requirements.
Process for the partial revocation of the UKTS and consultation with other authorities
The proposal in this CP would partially revoke the COREP13 UKTS, by deleting six templates. The Bank proposes to exercise its technical standards powers under section 138P of the Financial Services and Markets Act 2000 (FSMA 2000) and in accordance with articles 37(3A) and 40(4A) of the No. 2 Order.
Following consideration of any responses, the Bank will submit the proposed partial revocation of COREP13 UKTS to HM Treasury for approval, by means of a standards instrument, in accordance with section 138R FSMA 2000. Subject to approval by HM Treasury, the Bank would then publish a notification that COREP13 UKTS has been partially revoked on its website,footnote [3] to take effect in time for the next annual reporting cycle that is due for submission in April 2026.
Technical standards under FSMA 2000 are formally made by a standards instrument, which must be approved by HM Treasury before it can take legal effect. Before submitting a standards instrument to HM Treasury for approval, the Bank is required to publish a draft of the proposed technical standards accompanied by:
- a cost benefit analysis (CBA);
- an explanation of the Bank’s reasons for believing that making the proposed technical standards is compatible with the Bank’s financial stability objective; and
- an explanation of the purpose of the proposed technical standards.
Resolution policy decisions aim, among other things, to reduce risks to the use of public funds. As a result, the Bank and HM Treasury work to ensure that risks to public funds are considered as part of policy development. The Bank has therefore consulted on the proposal in this CP with HM Treasury. The Bank must also consult with HM Treasury, the FCA and the PRA pursuant to section 138P(4) of FSMA 2000 ahead of making the standards instrument.
The Bank is also required by the Equality Act 2010 to have due regard to the need to eliminate discrimination and to promote equality of opportunity in carrying out its policies, services, and functions.
Cost benefit analysis
This section sets out the Bank’s quantitative impact analysis of the expected costs and benefits associated with implementing the proposal in this CP.
Benefits
The proposal in this CP would result in a net benefit to firms in quantitative terms. The Bank estimates that the aggregatefootnote [4] present valuefootnote [5] over 10 years of the net benefit to firms would be up to £6.9 million if the proposal in this CP were implemented. This benefit is estimated based on the costs saved by firms in preparing and submitting COREP13 reporting templates.
The Bank considers that firms would be able to save costs through streamlining COREP13 reporting and not reporting some non-essential and duplicative information in it. The proposed deletion of COREP13 templates Z 02.00, Z 03.00, Z 04.00, Z 05.01, Z 05.02 and Z 06.00 would remove around 1,100 data points, on average, for firms to submit to the Bank.footnote [6]
Quantification of benefits from amendments to COREP13 reporting
The Bank estimates the annual cost of submitting COREP13 templates Z 02.00 and Z 03.00 to be around £8,900 each, on average per firm.footnote [7] The annual cost amounts to around £5,300 each, on average per firm, for templates Z 04.00, Z 05.01, and Z 05.02, and around £4,000 for template Z 06.00. The total annual net benefit from the proposal in this CP would therefore amount to around £37,700 on average per firm, or around £828,000 in aggregate. The present value of the total net benefit over 10 years would be around £313,000, on average per firm, and around £6.9 million in aggregate.
Costs
The Bank considers that there are no material costs associated with the implementation of the proposal contained in this CP.footnote [8]
Compatibility with the Bank’s objectives
In determining its resolution policies, the Bank considers its statutory objective to protect and enhance UK financial stability. This is in addition to the statutory objectives of the UK’s special resolution regime,footnote [9] to which the authorities must have regard when using, or considering the use of, stabilisation powers and the Bank’s general public law duties.
With respect to resolution planning in particular, the Bank must prepare (and review on at least an annual basis) resolution plans for all firms within scope of the special resolution regime.footnote [10] The purpose of resolution planning is to develop a set of actions that could be taken by the Bank and relevant stakeholders (including other UK authorities and overseas authorities) if a firm fails or is likely to fail. Resolution planning includes: (i) gathering information to facilitate resolution; (ii) conducting resolvability assessments; (iii) developing resolution strategies; and (iv) enhancing resolvability.footnote [11] It is important that the Bank has access to the appropriate information to support this process.
The Bank considers that the proposal in this CP is consistent with its overarching objective of protecting and enhancing the stability of the financial system in the United Kingdom. The policy objective of the proposal is to reduce the resolution reporting burden upon firms, while the Bank continues to have access to the information necessary to meet its obligations as the UK’s resolution authority. This includes the RAF and the PRA’s revised MREL reporting templates.
The proposal in this CP is judged to not adversely impact the Bank’s ability to prepare for and execute a resolution of a failing or likely to fail firm in the UK.
Equality and diversity
The Bank considers the proposal in this CP does not give rise to equality and diversity implications.
Annex
Retained EU law that continues to apply in the UK was renamed to ‘Assimilated Law’ by section 5 of the Retained EU Law (Revocation and Reform) Act 2023.
COREP13 is enacted through the assimilated law version of Commission Implementing Regulation (EU) 2018/1624, as amended by Technical Standards (Bank Recovery and Resolution) (Amendment etc.) (EU Exit) (No. 1) Instrument 2019, Annex I. This is a Technical Standard owned by the Bank.
COREP13 UKTS has been previously amended by the Bank’s Technical Standards (Bank Recovery and Resolution) (Amendment etc.) (EU Exit) (No. 1) Instrument 2019, Annex I.
Aggregate refers to all firms subject to a transfer or bail-in preferred resolution strategy.
This has been calculated as the discounted present value of annual costs for a 10-year period, using a discount rate of 3.5% in line with current HM Government guidelines. See The Green Book (2022) guidance.
As noted in PRA CP15/25, the PRA is consulting on proposals to include in MRL003 some MREL-related data elements that currently reside in COREP13. This proposal would bring into scope of MRL003 reporting certain bail-in-able instruments that did not qualify as MREL eligible liabilities. The possible number of new data points would depend on the quantity of instruments reported by each firm. The PRA anticipates that this will be a limited number in practice.
This average takes into account that firms submit COREP13 templates at different levels of consolidation to the Bank.
This includes any material negative impact on the Bank’s ability to prepare for and execute a resolution, as explained in the next section in this CP.
See Banking Act (2009), section 4.
Part 5 No. 2 Order.
Part 6 No. 2 Order.