PRA Decides Not to Extend EBA Guidance on COVID Reporting to UK Banks
In a recently issued statement, PRA announced that it does not consider it necessary to extend, to UK credit institutions, the supervisory reporting elements of the EBA guidelines on reporting and disclosures for COVID-19 measures. Therefore, firms are not expected to prepare or transmit the reporting templates contained within the EBA guidelines to PRA. However, PRA is considering how the disclosure elements of the EBA guidelines are to be applied. The EBA guidelines, which were published on June 02, 2020, are aimed to address data gaps in supervisory reporting and disclosures associated with measures to address the COVID-19 crisis.
PRA considered the approach to the EBA guidelines in light of the FCA and PRA approach to payment deferrals and in light of the data that PRA is already collecting from UK credit institutions in relation to payment deferrals. PRA is considering how the disclosure elements of the EBA guidelines are to be applied in a manner reflecting the proportionality measures in the guidelines and the guidance in the letter from Sam Woods to UK deposit-takers on the IFRS 9 and capital requirements aspects of COVID-19-related payment deferrals. The letter was issued, on June 04, 2020, in response to the updated FCA guidance on retail mortgage payment deferrals. PRA plans to provide further details in due course.
Related Links
Keywords: Europe, UK, Banking, COVID-19, Reporting, Disclosures, Basel, IFRS 9, Regulatory Capital, CRR, Loan Moratorium, Payment Deferrals, EBA, FCA, PRA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
NGFS Publishes First Set of Scenarios for Climate Risk AssessmentRelated Articles
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
FSB Reports Assess NBFI Sector and Progress on LIBOR Transition
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.
