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

By Tyler Davies
20 Mar 2020

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.

The question of whether IFRS 9 accounting will exacerbate the capital impact of the Covid-19 outbreak has been hotly debated in the banking industry.

IFRS 9 forces banks to build up capital provisions to cover expected credit losses (ECL).The Bank of England’s Prudential Regulation Authority had been expected to ...

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