For the purposes of determining the appropriate level of liquidity requirements on the basis of a SREP, the PRA must assess whether the imposition of a specific liquidity requirement is necessary to capture liquidity risks to which an institution is or might be exposed, taking into account the following -

(a) the particular business model of the institution;

(b) the institution's arrangements, processes and mechanisms (as referred to in Directive 2013/36/EU UK law which implemented Section 2 of Chapter 2 of Title 7 to the capital requirements directive, in particular in Article 86);

(c) the outcome of the SREP; and

(d) any systemic liquidity risk that threatens the integrity of the financial markets of the United Kingdom.