On 15 October 2019, the PRA published Policy Statement 24/19: Large exposures – reciprocation of French measure (PS24/19).

In PS24/19 the PRA sets out its final rule following Consultation Paper 15/19: Large exposures – reciprocation of French measure (our blog is here). In this consultation the PRA proposed to apply a tighter limit for large exposures to certain French non-financial corporations, to reciprocate the same measure imposed by France.

The PRA reports that it received no responses to the consultation and its final rule contains one minor change to that consulted on to remove possible ambiguity on the scope of application.

The final rule will take effect on 1 January 2020.