On February 18, 2015, the Prudential Regulation Authority issued a statement on extending the duration of whole-firm liquidity modifications, intragroup liquidity modifications and permissions under the CRR. Following the European Commission's adoption of a Delegated Act on the Liquidity Coverage Requirement which will become the binding liquidity standard in the EU from October 1, 2015 (according to its provisions), a number of liquidity modifications granted by the PRA under its Prudential Sourcebook for Banks, Building Societies and Investment Firms and the CRR expire between now and October 1, 2015. Given that the time period between these expirations and the LCR becoming binding is relatively short, the PRA will allow firms to extend modification periods. The PRA statement sets out the process that is to be followed to apply for an extension.

The PRA statement is available at:

http://www.bankofengland.co.uk/pra/Documents/authorisations/waiverscrr/crrarticle8.pdf.