On 23 January 2020, the PRA published a letter that it had sent to Chief Financial Officers of PRA regulated UK deposit takers and international banks. The letter was from Sarah Breeden (Executive Director, UK Deposit Takers Supervision) and David Bailey (Executive Director, International Banks Supervision) and concerns the removal of the bespoke liquidity risk appetite given that the likelihood of the UK leaving the EU without a deal now appears very low.

The letter states that firms are no longer expected to submit the FSA047/048 returns after 23 January 2020. However, where firms have been asked to continue reporting their FSA047/048 returns after 31 December 2019, the PRA asks that they maintain this capability to report, if required, until the end of February 2020.