Read time: 20 seconds On 7 April, the Bank of England gave financial firms a hard deadline of 14 July for submitting their contingency plans for Brexit, which passed last Friday. These plans were required to contemplate a variety of scenarios including the prospect of a “hard Brexit”, which as the UK and EU governments … Continue Reading
Read time: 1 minute 20 seconds Earlier this month the Bank of England’s Prudential Regulation Authority (the ‘PRA’) wrote to all UK companies undertaking cross-border activities between the UK and the EU under passporting arrangements, requesting a summary of their Brexit contingency plans. The letter continues the regulator’s focus on ensuring firms have robust measures … Continue Reading
I bring good news from the Bank of England. Whether you have been up all night trying to close a £1 billion securities transaction for your client, or you are buying a house and there’s a last minute snag, the deadline for settling securities transactions and making high-value cash transfers is due to be extended … Continue Reading
European Central Bank and Bank of England liquidity schemes require that loan-level data be disclosed on a regular basis (no less than quarterly) with respect to asset-backed securities which are to be used as collateral. On 27 November the ECB announced that it would postpone the introduction of mandatory loan-level data reporting requirements to 3 … Continue Reading
I was encouraged to see Virgin Money announce its second securitisation of the year, Gosforth 2012-2, particularly so as Virgin Money is also one of the 30 or so banks that have now signed up to the Bank of England’s Funding for Lending Scheme. The Funding for Lending Scheme (FLS) was introduced by the Bank … Continue Reading
