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Banks continue to ‘unintentionally accrue’ large exposures to firms such as Archegos, PRA says

( January 10, 2023, 12:45 GMT | Official Statement) -- MLex Summary: Banks have been criticized for failing to heed warnings by the UK Prudential Regulation Authority following the collapse of Archegos Capital Management. The PRA sent letters to banks and insurers today, setting out priorities for the coming year. Last year it highlighted “deficiencies” in banks’ risk management brought to light by the default of Archegos, and told banks to improve counterparty risk management. But events such as this, and volatility in commodities markets following Russia’s invasion of Ukraine, demonstrate that banks “continue to unintentionally accrue large and concentrated exposures to single counterparties, without fully understanding the risks that could arise,” today’s letters say. They also tell banks and insurers to be prepared for novel risks due to the “challenging” economic outlook.Letters attached....

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