When do the new Capital Buffers take effect in 2016?

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Introduction of New Capital Buffers for 2016

The 1st of January 2016 saw certain changes to the capital calculation under CRD IV which will affect COREP reporting returns due 12th May 2016 covering the reporting period of 1st January 2016 to 31st March 2016.

The new buffers are not firm specific and are not designed to address firm specific issues, which can still be addressed by other means. Rather, they are intended to address systemic issues by providing an additional monetary policy tool which, for the UK, is controlled by the Monetary Policy Committee.

The new buffers apply to a relatively small population of firms. They apply to Banks and to some investment firms. However, there are exemptions for SMEs and micro enterprises.

The two new capital buffers for COREP reporting are:

• The Capital Conservation Buffer;

and

• The Countercyclical Capital Buffer

If you would like to discuss any aspect of your COREP reporting requirements, please do not hesitate to contact us.

The new capital buffers - the Countercyclical Buffer and the Capital Conservation Buffer - took effect from 1st January 2016

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This will affect COREP returns due in May 2016 for the January to March 2016 reporting period.

See COREP Reporting Deadlines