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UK Finance has responded to the PRA's consultation on introducing the Basel Committee’s Large Exposures standards (LEX). We were supportive of the aim to align the UK Large Exposures (LE) regime with the internationally agreed standards.
We encouraged the PRA to introduce its LE regime with the introduction of Basel 3.1 to avoid unnecessary duplication of model approval requests. We suggested that the Non-Core LE Group limit should either be removed, or failing that, increased to 350% to compensate for the removal of the Internal Models method for securities financing transactions. Similarly we proposed the introduction of a short term allowance soft limit for trading book exposures in excess of the 25% LE limit.
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