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    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. 


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    Comment Due Date: September 14, 2021

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

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