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The Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014
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- UK Statutory Instruments
- 2014 No. 894
- PART 3
- CHAPTER 3
- Regulation 15
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The Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014, Section 15 is up to date with all changes known to be in force on or before 20 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Regulation 15:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Buffer rates for exposures outside the [F1UK] U.K.
This section has no associated Explanatory Memorandum
15.—(1) This regulation specifies the circumstances in which the FPC may recognise or set a buffer rate for exposures—
(a)held by a UK institution; and
(b)located in a country [F2other than the United Kingdom] (a “third country”).
(2) Where the supervisory authority of the third country has not set and published a buffer rate for a capital buffer serving the same purpose as the countercyclical capital buffer, the FPC may set a buffer rate for the third country.
(3) Where the supervisory authority of the third country sets a buffer rate of more than 2.5% for a capital buffer serving the same purpose as the countercyclical capital buffer, the FPC may recognise that buffer rate.
(4) Where the supervisory authority of the third country sets a buffer rate (the “third country buffer rate”) for a capital buffer serving the same purpose as the countercyclical capital buffer and the FPC reasonably considers that the third country buffer rate is not sufficient to protect UK institutions from the risks of excessive credit growth in the third country, the FPC may—
(a)set a buffer rate for the third country which is higher than the third country buffer rate; or
(b)set a buffer rate for the third country which is lower than the third country buffer rate, provided the buffer rate set by the FPC exceeds 2.5%.
(5) The purpose for which a buffer rate may be recognised or set under this regulation is so that UK institutions with exposures located in the third country may be required by the PRA and FCA to apply that buffer rate in their calculation of their institution-specific countercyclical capital buffers.
Textual Amendments
F1Word in reg. 15 heading substituted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 45(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in reg. 15(1)(b) substituted (31.12.2020) by The Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401), regs. 1(3), 45(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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