Date of application of buffer ratesU.K.
This section has no associated Explanatory Memorandum
17.—(1) Where FPC—
(a)recognises or sets a buffer rate under [regulation 15] in relation to exposures located outside the United Kingdom; and
(b)the buffer rate is higher than the buffer rate which UK institutions are currently required to apply in relation to those exposures when calculating their institution-specific countercyclical capital buffers;
then the FPC must decide the date from which UK institutions must apply the buffer rate for the purposes of calculating their institution-specific countercyclical capital buffers.
(2) The date referred to in paragraph (1)—
(a)may only be earlier than 12 months after the date when the buffer rate is published if such a date is justified on the basis of exceptional circumstances; and
(b)may not be later than 12 months after the date when the buffer rate is published where the FPC has set the buffer rate under regulation 15(2) or 15(4).