PRA ring-fencing implementation - PwC comments

Published at 11:54 AM on 15 October 2015

Commenting on the publication of the PRA's consultation paper on the implementation of ring-fencing, Simon Hunt, UK banking and capital markets leader at PwC, commented:

"The PRA announcement shows that it is still committed to delivering effective independence of the ring-fenced bank from the rest of its group. However, it has left the door open to make changes to its rules depending on the progress of broadly comparable EU reforms which remain under negotiation. While banks will welcome the additional clarity provided by today's announcement, there is little in the way of good news. Ring-fencing will remain costly both in transition and once implemented and may leave UK banks at a strategic disadvantage to their international peers. Banks will also have to manage a number of significant uncertainties that still remain such as the overall capital requirement for the ring-fenced bank when finalising and implementing their ring-fencing plans over the coming months and years."

Ends

Media contact:

Katherine Howbrook, PwC media relations, Tel: 020 7212 2711, Email: [email protected]


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