Featured Product

    BoE and PRA Publish Annual Reports for 2020-21

    June 17, 2021

    BoE and PRA published their annual reports and accounts for the period of March 01, 2020 to February 28, 2021. The BoE annual report provides information on activities for the preceding year and highlights strategic priorities for 2021-24. BoE also published its second annual report on the climate-related financial disclosures. The disclosures report covers the climate change strategy of BoE, the governance structures and processes around its climate-related work, and the measurement and management of climate-related risks across its physical and financial operations. For the first time, the report includes scenario analysis drawing on the latest data and modeling techniques to estimate the financial impact of climate-related risks associated with the financial asset portfolios of BoE. In addition, the report includes preliminary analysis of the emissions impact of staff working remotely during 2020.

    The key highlights of the BoE annual report include the work done across BoE in responding swiftly to the impact of the COVID-19 pandemic as well as preparing banks and other financial firms for the end of the transition period to a new UK-EU trading relationship. The report also highlights that, during 2020-21, BoE continued to address challenges related to climate change actively through an ambitious climate work program covering both external policy functions and internal operations. The strategic priorities for the 2021-24, as mentioned in the annual report, are:

    • Ready policy toolkit and balance sheet for the future to continue to meet monetary and financial stability objectives
    • Proactively prepare for emerging risks in the financial system
    • Establish a robust regulatory regime for a post-Brexit world
    • Shape and deliver the future of payments
    • Respond to the challenge of climate change
    • Build a diverse and inclusive BoE and modernize the way BoE works 

    BoE has designated its work on climate change to be one of its key strategic priorities over the next three years. The key goals of this strategy are to ensure that the financial system is resilient to climate-related financial risks, support an orderly economy-wide transition to net-zero emissions, promote adoption of effective TCFD-aligned climate disclosures, and contribute to a coordinated international approach to climate change. 


    Related Links

    Comment Due Date: September 14, 2021

    Keywords: Europe, UK, Banking, Insurance, Climate Change Risk, ESG, Brexit, Annual Report, Disclosures, Strategic Priorities, BoE, PRA

    Featured Experts
    Related Articles

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514