On 20 November 2023, the Prudential Regulation Authority (PRA) published the other systemically important institutions (O-SII) buffer rates for ring-fenced banks (RFBs) and large building societies.

The PRA is required to set O-SII buffer rates for RFBs and large building societies by applying the Financial Policy Committee (FPC)’s framework for the O-SII buffer. In line with the FPC’s updated framework, the PRA has set O-SII buffer rates based on UK leverage exposure measure data as of end-2022, assessed on a sub-consolidated basis for RFBs, and on a consolidated basis for building societies.

The O-SII buffer rates set out in the PRA’s publication will apply from 1 January 2025.