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UK Finance has responded to the PRA's consultation on IRB UK mortgage risk weights (CP 14/20)
We welcomed the overall objectives of the PRA to promote competition but raised reservations about whether the proposals will necessarily address its concerns effectively over the medium term, given the impending introduction of Basel 3.1, or meet the objective of fostering a more competitive UK mortgage market.
In our response, we commented on the proposal through the following lenses:
We concluded that flooring mortgage risk weights is not the appropriate way to achieve the PRA's objectives.
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