‘Significant win’ for UK banks as PRA takes first steps to temper IFRS 9

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‘Significant win’ for UK banks as PRA takes first steps to temper IFRS 9

Tyler Davies
March 20, 2020 12:00 pm
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General view of the Bank of England, on March 16, 2020 in London, England. Boris Johnson chaired a COBRA meeting this afternoon ahead of the first of daily televised public updates he is scheduled to give. (Photo by Alberto Pezzali/NurPhoto) | Alberto Pezzali/NurPhoto/PA Images

The Bank of England said on Friday morning that UK banks should not treat coronavirus-impacted exposures as impaired assets under IFRS 9 accounting standards, as it unveiled new guidance around the impact of the pandemic.

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