The Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014

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 [F1regulation 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).

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