Update 12 November 2018: Paragraphs 3.7 and 3.8 have been updated to provide further information on the cost benefit analysis.
In this consultation paper (CP), the Prudential Regulation Authority (PRA) sets out proposals to update certain PRA reporting requirements to reflect relevant proposals made by the European Banking Authority (EBA) in its open consultations on changes to the Implementing Technical Standards on Supervisory Reporting (‘Supervisory Reporting ITS’).
This CP is relevant to UK banks and building societies. It is not relevant to PRA-designated UK investment firms, to UK branches of firms in other European Economic Area (EEA) countries and non-EEA countries, or to insurance firms.
This CP should be read alongside the open EBA consultations on changes to the Supervisory Reporting ITS, as well as the Regulatory Reporting Part of the PRA Rulebook and Supervisory Statement (SS) 34/15.
Summary of proposals
This CP proposes a number of changes to the PRA reporting requirements as a result of the EBA’s proposals to update the Supervisory Reporting ITS. These proposed changes will enhance PRA reporting and maintain consistency with the EBA’s reporting requirements.
The proposals in this CP cover existing PRA reporting templates for ring-fenced banks (RFBs), statement of profit and loss (P&L), and forecast capital data (currently known as Capital+). The CP also contains a proposal to extend the scope of new Financial Reporting (FINREP) templates to firms that are not required to report using FINREP templates under Article 99 of the Capital Requirements Regulation (575/2013) (CRR). This proposed extension consists of the non-performing loan (NPL) and forborne exposure (FBE) templates contained in the EBA’s consultations.
Responses and next steps
This consultation closes on Wednesday 12 December 2018. The PRA invites feedback on the proposals set out in this consultation. Please address any comments or enquiries to CP19_18@bankofengland.co.uk.
Final PRA policy will be made after the finalisation of the proposed changes to the Supervisory Reporting ITS. Any modifications to the proposals made by the EBA following its consultation process will be considered and where these do not differ substantively from the proposals made in this CP, these changes will be implemented by the PRA in the form contained in the finalised ITS.