Prudential Regulation Authority Rulebook

1.1

Unless otherwise stated, this Part applies to a firm that is a UK bank or building society that, on the firm’s last accounting reference date, had retail deposits equal to or greater than £50 billion on:

1. (1) an individual basis;
2. (2) if the firm is a UK parent institution, the basis of its consolidated situation; or
3. (3) if the firm is controlled by a UK parent financial holding company or by a UK parent mixed financial holding company and the PRA is responsible for supervision of that holding company on a consolidated basis, the basis of the consolidated situation of that holding company.

1.2

In this Part, the following definitions shall apply:

deposit

has the meaning given in 30, Part 1, Annex V (Reporting on financial information) of the European Banking Authority’s Implementing Technical Standards amending the Commission’s Implementing Regulation (EU) No 680/2014 on supervisory reporting under Regulation (EU) No 575/2013 of the European Parliament and of the Council.

retail deposit

means deposits from “households” as defined in 35(f), Part 1, Annex V (Reporting on financial information) of the European Banking Authority’s Implementing Technical Standards amending the Commission’s Implementing Regulation (EU) No 680/2014 on supervisory reporting under Regulation (EU) No 575/2013 of the European Parliament and of the Council.

1.3

Unless the contrary intention appears, all words and expressions used in this Part and in the CRR shall have the same meaning as in the CRR.

2.1

A firm must carry out an adequate assessment of its preparations for resolution.

2.2

The assessment in 2.1 must:

1. (1) be realistic;
2. (2) include analysis of how the firm understands it would be resolved, any risks to its resolution and steps the firm is taking or plans to take to remove or reduce those risks; and
3. (3) be reviewed by the firm if there is reason to suspect it is no longer accurate and updated if there has been a change in any of the matters to which it relates that impacts its assessment.

3.1

A firm must submit to the PRA a report in writing of the assessment in 2.1 by:

1. (1) the first Friday in October 2021; and
2. (2) biennially thereafter, by the first Friday in October of the relevant calendar year.

3.2

A firm must submit to the PRA an updated version of the report in 3.1 within twenty working days of a change in the assessment carried out under Chapter 2.

4.1

A firm must publish by the following dates a summary of the most recent report submitted to the PRA under Chapter 3:

1. (1) the second Friday in June 2022; and
2. (2) the second Friday in June of each calendar year following the year in which a firm is required to submit a report under 3.1(2).