Joint statement by the Bank and PRA on the ESRB recommendations for the restriction of distributions during the Covid-19 pandemic

This statement by the Bank and PRA acknowledges the recommendations made by the European Systemic Risk Board in relation to the restriction of distributions during the Covid-19 pandemic.
Published on 08 June 2020

The Bank of England (Bank) and the Prudential Regulation Authority (PRA) note the Recommendation made on 8 June 2020 by the European Systemic Risk Board (ESRB) on the restriction of distributions during the Covid-19 pandemic. In the context of the UK’s withdrawal from the EU, this Recommendation applies to UK authorities during the transition period. 

In this respect, the Bank and the PRA have previously announced a number of measures to ensure the resilience of the financial system and financial market infrastructures, support banks’ lending through this period and maintain the safety and soundness of firms, which are consistent with the objectives of the ESRB’s recommendation. In particular, the Bank and PRA have published:

The Bank and PRA do not consider it necessary to extend this guidance further at this time.

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