The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
The BBA welcomes the PRA’s draft supervisory statement on its approach to the supervision of international branches, which as it points out, are a key component of the UK banking sector. Their presence in the UK enhances greatly the importance of London as an international financial centre. So there is an important balance to be struck between ensuring that the failure of an international bank with a branch in London does not harm the UK’s financial stability and creating a supervisory architecture that does not discourage such banks from participating in London’s vibrant international financial centre.
We think that the proposals in CP4/14 broadly strike the right balance and properly focus on the importance of assessing the equivalence of the home state’s supervisory architecture and particularly that of its resolution regime with that of the PRA’s, although the PRA does not comment on how this judgement will be made.
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