Intra-group financial support

A firm or holding company can provide financial support to another firm in its group, but it must first apply to the Prudential Regulation Authority (PRA) for permission.
The EU Bank Recovery and Resolution Directive (2014/59/EU) (BRRD) provides us with a set of tools for dealing with failing banks. The BRRD allows firms or holding companies, and their subsidiaries that are institutions or financial institutions covered by the consolidated supervision of the parent, to enter into an agreement ex ante to provide financial support to an institution that meets conditions for early intervention, provided certain safeguards are met. This support could, for example, be in the form of a loan, a guarantee or assets to use as collateral. 

Applying for approval of intra-group financial support

Before a firm or holding company for which we are the European Economic Area (EEA) consolidating supervisor enters into an intra-group financial support agreement, it must obtain our approval. 

PDFApplication form: intra-group financial support agreement

Send your application to PRA-Waivers@bankofengland.co.uk.

Notifying us of intention to provide intra-group financial support

Once permission to provide intra-group financial support has been granted, the firm or holding company must notify us. This is in line with the notification requirements set out in Chapter 6 of the group financial support part of the PRA Rulebook.

PDFNotification form: proposed intra-group financial support

Send your notification to PRA-Waivers@bankofengland.co.uk.

A firm or holding company that has notified us may only provide financial support if we have agreed to the provision of the financial support or we have not, within five business days of receiving the complete notification, prohibited or restricted the provision of the financial support.

Privacy notice

How we use your information

Information we collect

Through our authorisations forms, the Bank of England (the ‘Bank’) collects personal data about you. This personal data could include (depending on the application or notification form submitted) personal identification details, contact information, addresses, employment history and information relating to fitness and propriety such as criminal, civil and regulatory matters. Each form clearly states what personal data is being gathered. The Bank may make further enquiries and seek similar information from third parties and other data sources as we think appropriate to identify and verify information that we consider relevant to the application or notification, this could include criminal, credit and other background checks.                                                                                               

Why we need your personal data

The Bank collects personal data to process a range of authorisation applications and notifications, which include:

  • New firm authorisations
  • Senior Management Functions
  • Waivers and Modifications of rules
  • Variations and cancelling of Permissions
  • Change in Control
  • Standing Data
  • Passporting

This information is used to assist the Bank of England in discharging its functions, in particular the statutory functions of the Prudential Regulation Authority under the Financial Services and Markets Act 2000 and other relevant legislation.

What we do with your personal data

In complying with applicable laws and for law enforcement purposes, we may disclose information to any government entity, regulatory authority or to any other person the Bank reasonably considers necessary. This may mean that personal data is transferred outside the European Economic Area. Otherwise, we will not disclose your information without your permission. Your personal data will be retained in accordance with the Bank’s records management schedule. 

Your rights

You have a number of rights under data protection laws.  For example, you have the right to ask us for a copy of the personal data the Bank holds about you. You can also ask us to change how we process or deal with your personal data, and you may have the right in some circumstances to have your personal data amended or deleted. To contact us about those rights, including making a request for the personal data we hold about you, or to find out more about privacy and data protection at the Bank, please see the Privacy and the Bank of England page.

This page was last updated 18 May 2018
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