UK:
Bank Of England Publishes Financial Stability Report Identifying Main Current Risks In UK Financial System
14 July 2015
Shearman & Sterling LLP
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On July 1, 2015, the BoE published its Financial Stability
Report which identifies the main current risks in the UK financial
system. The report sets out recommendations made by the Financial
Policy Committee on Additional Tier 1 capital for the purposes of
the minimum leverage ratio requirement. The report recommends to
the PRA that AT1 capital should be counted towards Tier 1 capital
only if the relevant capital instrument specifies a trigger event
that occurs when the Common Equity Tier 1 capital ratio of the
institution falls below 7%. The report also directs the BoE, PRA
and FCA to work with firms to complete cyber-attack resilience
assessments (also known as CBEST tests), adopt cyber-resilience
action plans and establish arrangements for CBEST tests to become
regular cyber resilience assessments within the UK financial
system. The report also refers to recommendations on the new UK
leverage ratio framework which are discussed in further detail
below.
The report is available at: http://www.bankofengland.co.uk/publications/Documents/fsr/2015/fsrfull1507.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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