Posted on: February 22, 2024
Bank of England Statistical Return IPA
The Bank has communicated that the Issuing Paying Agents (IPA) form will not be submitted in XBRL format until “Spring 2024”. It had been expected that submission in XBRL be commenced from report reference 30 November 2023. Form IPA is already in WIRES, under Statistical Taxonomy 1.3.0.
Bank of England Banking Taxonomy 3.8.0
A draft version of taxonomy 3.8.0 was issued on 7 February 2024. This taxonomy will introduce step-in risk reporting in 2026. Firms will be required to populate three new templates (referred to as PRA115) and submit them with their ICAAP. Feedback on the draft taxonomy must be received by the Bank on 15 March, at the latest.
As at the date of this document, it is planned that these new forms be included in the WIRES system. These templates will not apply to institutions classed as ‘Small Domestic Deposit Takers’.
The Bank’s other taxonomy that is in draft is 3.7.0 (for Basel 3.1) and is expected to be finalised in Q2 of 2024.
Small Domestic Deposit Takers (SDDT) Regime
The changes to Net Stable Funding Ratio (NSFR) and Additional Liquidity Monitoring Metrics (Concentration of Funding by Product Type, C68.00) required by the regulator, will be introduced in WIRES for report reference date 30th June 2024. For NSFR, templates C 82 and C 83 (Simplified version) will be removed. COREP template C 68.00 will require SDDTs to report liabilities from all relevant product types and not just those that represent more than 1% of Total Liabilities (excluding Equity).
Of the Additional Liquidity Monitoring forms, only C 68.00 will apply to SDDTs. Further details are in the Prudential Regulation Authority’s policy statement 15-23.
IFRS 9 and Hedge Accounting
An exposure draft is expected in the first half of 2025, regarding Dynamic Risk Management. Whistlebrook understands that this document will describe the Hedge Accounting requirements for fair value macro hedging under IFRS 9.
Cash Ratio Deposits
The Bank of England issued Statistical Notice 24-02, in which it confirmed that a levy will replace the Cash Ratio Deposits Scheme. The related consultation was issued on 8 November 2023 and is available in Statistical Notice 2023/11 | Bank of England. The change is understood to be effective from March 2024.
WIRES Releases
| Next Expected Release | Content |
| April 2024 | · Amendments to ALMM C 68 and removal of the Simplified version of Net Stable Funding templates. Receipt of the changes to the Data Point Model from the regulator, are outstanding.
· Enhancements · Bug fixes |
This regulatory update is Whistlebrook’s understanding of the position as at 21st February 2024.