5
Application of the framework following the initial O-SII buffer rates
5.1
Following application of the initial O-SII buffer rates, the PRA will re-apply the O-SII framework annually in the manner outlined in paragraphs 4.1 to 4.6 of this SoP. The PRA expects to announce the O-SII buffer rates resulting from its assessment by 15 December of each year and to require institutions to apply them on an ongoing basis by 1 January of the second year following the calendar year when the rates were announced. For example, the O-SII buffer rates announced in December 2020 would take effect as of 1 January 2022. The PRA may adapt this timeline, where appropriate, in light of its objectives and statutory responsibilities.
- 29/12/2020