On 26 June 2014, the EBA launched a consultation on proposed draft RTS on conditions for application of the permanent and temporary uses of the Standardized Approach (the risk management approach requiring firms to use ratings from external rating agencies to quantify credit risk) by firms that have permission from their national regulator to use the Internal Ratings Based (“IRB”) approach, which instead allows them to apply their own internal estimates of risk, in order to calculate their credit risk capital requirements under the CRR. The consultation closes on 26 September 2014.

The consultation paper is available at: http://www.eba.europa.eu/documents/10180/740958/EBA-CP-2014- 10+CP+on+draft+RTS+on+roll+out+and+PPU+of+IRB+approach.pdf.