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December 11, 2017

PRA published the supervisory statement SS9/17 that sets out expectations on the content of recovery plans and group recovery plans. SS9/17 is relevant to UK banks, building societies, PRA-designated investment firms, and qualifying parent undertakings to which the Recovery Planning Part of the PRA Rulebook applies.

SS9/17 reflects the current expectations of PRA and may be revised as recovery planning becomes further embedded in firms’ risk management practices. It supersedes SS18/13  titled ”Recovery planning.” SS9/17 complements and should be read in conjunction with the Recovery Planning Part of the PRA Rulebook; Commission Delegated Regulation (EU) 2016/1075; EBA Guidelines on the range of scenarios to be used in recovery plans; EBA Guidelines on the minimum list of qualitative and quantitative recovery plan indicators; and EBA Recommendation on the coverage of entities in a group recovery plan. PRA recognizes that some aspects of recovery planning are less developed across the industry than others. Thus, it will take firms more time to meet the PRA’s expectations in these areas. Firms should therefore meet the following expectations by June 30, 2019:

  • Full separability analysis for disposal options
  • Modeling of capital and liquidity profiles in each scenario
  • Full analysis of funding needs by currency in each scenario
  • Integration of liquidity contingency plans (contingency funding plans)

PRA expects firms to meet all other expectations set out in the SS9/17 by June 30, 2018, or by the firm’s first annual update of their recovery plan, following publication of SS9/17, whichever is later.

 

Related Link: SS9/17 and Other Relevant Information

Keywords: Europe, UK, Banking, Recovery Planning, SS9/17, SS18/13, PRA

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