PRA Statement on deposit takers’ approach to COVID-19 related issues released by PRA

Industry News | 31/03/20

The decision by the boards of large UK banks to suspend dividends and buybacks on ordinary shares until the end of 2020 as well as has been welcomed in a statement by the Prudential Regulation Authority (PRA). The PRA also detailed it’s expectation that banks will not pay any cash bonuses to senior staff, including all material risk takers, and stated its confidence that the boards are already considering and will take any appropriate further actions with regard to the accrual, payment and vesting of variable remuneration over coming months.