13
Additional expectations for credit unions with more than £100m in assets
Exit strategy planning
13.1
In line with requirements under Rule 11.1(2) of the Credit Unions Part of the PRA Rulebook, for a credit union to have effective processes to identify, manage, monitor, and report the risks to which it is exposed, the PRA expects a credit union with more than £100 million in assets to be able to demonstrate that it has management information, monitoring, and governance processes to support timely wind-down decision making. As part of this, it is best practice for a credit union to consider the scenarios that could lead to it no longer being viable.
- 29/08/2023
13.2
Credit unions with more than £100 million in assets are expected to consider the steps and resources needed to (i) wind down, and (ii) achieve a transfer of engagements, while, to the extent possible, avoiding any negative effects on members. These credit unions are expected to evidence that they have evaluated the risks and impact of a wind-down or transfer and considered how best to mitigate them.
- 29/08/2023