8.1 The PRA has made some minor changes to the draft SS that were not in feedback to responses. These aim to provide more clarity, address errors and update references to other final policy publications, and are set out below. These additions and updates do not introduce new policy or change the existing policy.

PRA buffer transition arrangements

8.2 The PRA expects banks to begin the transition to the PRA buffer in line with established banks once a bank has been operating for five years (since exit from mobilisation, or since authorisation if a bank does not follow the mobilisation route), or at the point a bank achieves a profit over a full year of trading, whichever is sooner. The PRA may, on an exceptions-only basis, diverge from this stated approach where it identifies heightened risks to its objectives which justify an earlier transition to the PRA buffer in line with established banks. Paragraphs 4.12 and 4.16 of the SS have been amended to reflect this.

Other minor updates

8.3 The PRA updated the reference links throughout the SS to reflect final policy publications. This includes a footnote addition to Table 1 (materials to be read alongside the SS), to flag that the materials may be superseded by future publication, adding additional materials in relation to governance, capital, liquidity, depositor protection, and disclosure, reordering the list and updating footnotes 28,29,40.