More efficient handling of applications to use the IRB approach for credit risk

Finansinspektionen (FI) is changing its procedure for handling of applications for permission to use the IRB approach for credit risk.

In accordance with the Capital Requirements Regulation and the new Administration Act that will go into effect in July 2018, FI will conclude applications within six months of the date the application was submitted. In addition to the higher demands this change will place on FI's handling procedures, it also means that firms submitting an application must show that the models meet the requirements of the Capital Requirements Regulation in all material respects already at the time the application is submitted. In other words, it will no longer be possible for firms to repeatedly rectify deficiencies identified by FI during the application process, which is the procedure today.

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