The PRA has published a new web page noting that a significant number of liquidity modifications granted by it under chapter 12 of the PRA Prudential sourcebook for Banks, Building Societies and Investment Firms (BIPRU 12) and permissions granted by it under Article 8 of the Capital Requirements Regulation (CRR) will be expiring between now and 1 October 2015.

In light of the relatively short period between the expiry of these modifications and permissions and the Liquidity Coverage Requirement becoming the new liquidity standard, the PRA will allow firms to extend the duration of expiring whole-firm liquidity modifications, intra-group modifications and CRR Article 8 permissions. The web page sets out further how firms should apply for an extension and how long the extension will last.

View Extending the duration of whole-firm liquidity modifications, intra-group liquidity modifications (non-UK DLG) and CRR Article 8 permissions, 10 November 2014