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Letter from Sam Woods - Feedback: Operational readiness for a zero or negative Bank Rate
Letter to chief executive officers about firms’ operational readiness to implement a zero or negative Bank Rate
04 February 2021
Following the information request dated 12 October 2020 from the Prudential Regulation Authority (PRA) to understand firms’ operational readiness to implement a zero or negative Bank Rate, the PRA is providing feedback to firms. And as highlighted in the February 2021 minutes of the Monetary Policy Committee (MPC), this letter sets out the timeframe for PRA authorised firms to develop tactical solutions to implement a negative Bank Rate. This letter is not indicative that the MPC will employ a zero or negative policy rate.