On 2 June 2020, the European Banking Authority published its 'Guidelines to address gaps in reporting data and public information in the context of Covid-19' (‘the Guidelines on Covid-19 reporting and disclosure’).
The PRA has considered how to approach these guidelines in light of the FCA and PRA approach to payment deferrals, and in light of the data the PRA is already collecting from UK credit institutions in relation to payment deferrals.
The PRA does not consider it necessary at this time to extend the supervisory reporting elements of the Guidelines on Covid-19 reporting and disclosure to UK credit institutions. Firms are therefore not expected to prepare or transmit to the PRA the reporting templates contained within the Guidelines on Covid-19 reporting and disclosure.
The PRA is considering how the disclosure elements of the Guidelines on Covid-19 reporting and disclosure are to be applied in a manner reflecting both the proportionality measures in the Guidelines and also the letter from Sam Woods to UK deposit-takers on the IFRS 9 and capital requirements aspects of initial and further payment deferrals and FCA guidance. The PRA will provide further details in due course.