Capital adequacy

PRA update on CRR permissions and waivers

The PRA has updated the following two web pages with details about permissions and waivers under the Capital Requirements Regulation (CRR):

waivers and modifications web page. This web page explains that the PRA has the power to exercise various national discretions under the applicable articles of the CRR (known as CRR permission). The PRA will assess individual applications on a case by case basis against the relevant criteria set out in the applicable CRR article or reference and, where applicable, PRA rules and supervisory statements. In assessing applications, the PRA will also have regard to its statutory duty to promote the safety and soundness of PRA-authorised persons. Where the PRA decides that the conditions for a CRR permission are met, the PRA will issue a written notice to the applicant; and
CRR permission written notice web page. This web page explains that the PRA will publish details of all CRR permission written notices it approves unless it considers it inappropriate or unnecessary to do so.