PRA Published a Statement on EBA Guidelines on Covid-19 Disclosures

July 28, 2020 Prudential Regulation Authority (PRA) at the Bank of England published a ‘Statement on EBA Guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 outbreak’.

The PRA expects that UK banks and building societies which (i) are, or are controlled by, G-SIIs or O-SIIs designated by the PRA in the most recent list and (ii) have retail deposits equal to or greater than £50 billion on an individual or consolidated basis, should make disclosures similar to those set by the EBA Guidelines, but modified by PRA.

The PRA ensures that the disclosures are implemented in a proportionate manner by:

  • waiving the application of the disclosure templates for firms that are not identified as global systemically important institutions (G-SIIs) or other systemically important institutions (O-SIIs),
  • and applying the disclosure templates at the highest level of consolidation in their jurisdiction.

 

The EBA Guidelines require firms to make disclosures in three templates. Templates one and two relate to moratoria, while Template three relates to public guarantee schemes.

Relevant firms should make disclosures on a biannual basis. The PRA does not expect firms to include these disclosures in the main disclosures made for the Tuesday 30 June 2020 reporting period, and accepts that firms may need to make disclosures at a later time. This may involve firms making these additional disclosures separately to the main Pillar 3 report for the Tuesday 30 June 2020 reference date. Disclosures made for subsequent reference dates including Thursday 31 December 2020 should be made as part of the Pillar 3 report.

PRA stated that UK credit institutions are not expected to prepare or submit the reporting templates included in the Guidelines on Covid-19 reporting and disclosure.

For more information please visit: PRA website.

Jurisdiction: United Kingdom

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