1
Introduction
1.1
This supervisory statement is relevant to all banks, building societies, and designated investment firms and all PRA-approved or PRA-designated holding companies.
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1.2
This statement sets out the Prudential Regulation Authority’s (PRA’s) expectations about applications relating to:
- (a) its approach to consolidation, in particular individual consolidation (CRR Article 9) and the method of consolidation for entities falling within CRR Article 18(5); and
- (b) excluding certain entities from consolidation (CRR Article 19(2)).
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1.3
This statement should be read in conjunction with the CRR articles listed, the requirements in the Groups Part of the PRA Rulebook and the high-level expectations outlined in The PRA’s approach to banking supervision.[1] For RFBs, as defined in the Financial Services and Markets Act (FSMA), section 142A, or any other PRA-authorised person that is a member of a group containing an RFB, this statement should be read alongside the PRA’s Supervisory Statement 8/16 ‘Ring-fenced bodies (RFBs)’.[2]
Footnotes
- 1. https://www.bankofengland.co.uk/prudential-regulation/publication/pras-approach-to-supervision-of-the-banking-and-insurance-sectors
- 2. PRA Supervisory Statement 8/16 ‘Ring-fenced bodies’, July 2016, available at: http://www.bankofengland.co.uk/pra/Pages/publications/ss/2016/ss816.aspx
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