1.1 This Prudential Regulation Authority (PRA) near-final policy statement (PS) provides feedback to responses to the following chapters of consultation paper (CP) 16/22 - Implementation of the Basel 3.1 standards:

- Chapter 1 - Overview

- Chapter 3 - Credit risk - standardised approach

- Chapter 4 - Credit risk - internal ratings based approach

- Chapter 5 - Credit risk mitigation

- Chapter 9 - Output floor

- Chapter 11 - Disclosure (Pillar 3)

- Chapter 12 - Reporting

1.2 This near-final PS also contains feedback to responses on the parts of Pillar 2 relating to the Pillar 2A credit risk methodology, use of internal ratings based (IRB) approach benchmarks, and the interaction with the output floor.