Featured Product

    PRA Provides Updated Guidance on COVID-19 Disclosures by Banks in UK

    April 27, 2021

    PRA published a statement that provides updated guidance to UK banks and building societies (also referred to as firms) on the disclosure of exposures subject to measures applied in response to the COVID-19 crisis. The statement highlights that firms should continue to use the templates published in July 2020 for semi-annual disclosure reference dates up to, and including, December 31, 2021. Firms may continue to disclose on a semi-annual basis, as at June 30, 2021 and December 31, 2021. Firms may also disclose at the half-year and year-end dates for their financial year, if they have an accounting reference date other than December 31, 2021.

    In July 2020, PRA had clarified that it expects certain firms to make disclosures on COVID-19 lending for the highest level of consolidation in the UK for semi-annual disclosure periods ending on dates up to, and including, December 31, 2020. Firms that should make these disclosures are, or are controlled by, global systemically important institutions (G-SIIs) or other systemically important institutions (O-SIIs) designated by PRA in the most recent list and those that have retail deposits equal to or greater than GBP 50 billion on an individual or consolidated basis. PRA noted in that statement that it would keep the approach for disclosure periods after this date under review. Given the continued use of COVID-19 support measures in lending by UK firms, PRA continues to see substantial benefit to its objectives in the disclosure of information on the effects of the measures that UK firms have taken in response to the COVID-19 crisis.

     

    Related Link

    Keywords: Europe, UK, Banking, COVID-19, Credit Risk, Disclosures, CRR, Basel, Loan Moratorium, Payment Deferrals, Reporting, PRA

    Featured Experts
    Related Articles
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.

    May 13, 2022 WebPage Regulatory News
    News

    EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR

    The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    MAS Amends Notice 635 and Issues Second Proposal on Green Taxonomy

    The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    News

    EC Mandates ESAs to Propose Amendments to SFDR Technical Standards

    The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.

    May 11, 2022 WebPage Regulatory News
    News

    EBA Examines Supervisory Practices, Issues Deposits Reporting Template

    The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),

    May 11, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8196