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UK banks get 'economic downturn' definition from PRA for internal models use

( April 7, 2021, 10:05 GMT | Official Statement) -- MLex Summary: UK banks have been given guidance on identifying what counts as an "economic downturn" for the purposes of capital calculations via their internal models. The Bank of England’s Prudential Regulation Authority set out in a consultation paper today proposed requirements for specifying the nature, severity and duration of an economic downturn, with firms required to consider a period of at least 20 years of historical economic indicators. The PRA has proposed an implementation date of January 2022.Statement follows. Consultation paper attached....

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