PRA demands Ukraine and Russia risk reports from banks
The UK's prudential regulator gave banks 48 hours to provide information on their exposures to Ukraine and Russia, as well as the ‘implications for their business'. Some banks have been through portfolio revaluation exercises; subsidiaries in the region are operating in crisis mode
The UK's Prudential Regulation Authority (PRA) has asked banks to provide details on their exposure to Ukraine and Russia, as well as the risks to their business if the territorial crisis escalates.
A senior risk manager at one US bank says the PRA – which is part of the Bank of England (BoE) – sent its information request in the week of March 3, giving banks 48 hours to respond. He says such requests are rare, being reserved in recent times for eruptions of political risk that could have
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