TIDMVMUK TIDM91XR
RNS Number : 4507O
Virgin Money UK PLC
10 June 2022
VIRGIN MONEY UK PLC
(Company or Virgin Money UK)
LEI: 213800ZK9VGCYYR6O495
10 June 2022
VIRGIN MONEY UK PLC RESOLVABILITY ASSESMENT
The Company has today published its Resolvability Assessment in
line with Prudential Regulation Authority ("PRA") guidance. The
Bank of England ("BoE") has also published its assessment of the
resolvability of the Company alongside the largest, systemically
important firms in line with the Resolvability Assessment Framework
("RAF").
The Company has taken robust steps to prepare for the unlikely
event of resolution and has met the resolution expectations of the
BoE Resolvability Assessment. The assessment confirms that the BoE
has not identified any shortcomings, deficiencies, or substantive
impediments to the Company achieving the resolvability outcomes
described in the RAF Statement of Policy 'The Bank of England's
approach to assessing resolvability' ("RAF SoP") but has identified
several areas where further enhancements are required.
Following the assessment and BoE feedback, the Company is
working to deliver further enhancements as it continues to develop
and improve its resolvability capabilities. This work will further
increase its preparedness, and the Company will continue to work
with the BoE in its efforts to further enhance the stability and
soundness of the UK financial system.
Further details
Details of the BoE's approach to assessing UK financial firms'
resolvability can be found on the BoE's website at
https://www.bankofengland.co.uk/news/2021/february/resolvability-assessment-framework-raf
Details of the BoE's assessment of the Company's resolvability
can be found on the BoE's website at
https://www.bankofengland.co.uk/financial-stability/Resolution/resolvability-assessment-framework/resolvability-assessment-of-major-uk-banks-2022
Details of the Company's report of its resolvability assessment
can be found on the Company's website at
https://www.virginmoneyukplc.com/investor-relations/results-and-reporting/events-and-presentations/#other-investor-events
Announcement authorised for release by Lorna McMillan, Group
Company Secretary.
For further information, please contact:
Investors and Analysts
Richard Smith +44 7483 399 303
------------------------------------
Head of Investor Relations richard.smith@virginmoneyukplc.com
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Amil Nathwani +44 7702 100 398
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Senior Manager, Investor Relations amil.nathwani@virginmoneyukplc.com
------------------------------------
Martin Pollard +44 7894 814 195
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Senior Manager, Investor Relations martin.pollard@virginmoneyukplc.com
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Company Secretary
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Lorna McMillan +44 7834 585436
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Group Company Secretary lorna.mcmillan@virginmoneyukplc.com
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Media Relations
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Press Office 0800 066 5998
------------------------------------
press.office@virginmoneyukplc.com
------------------------------------
Important Information
This document contains information about the activity which
Virgin Money UK PLC and its subsidiaries including Clydesdale Bank
PLC (which together comprise the "Group") has undertaken to prepare
it for resolution should it experience severe financial distress
(our "Resolution Preparation"). Our Resolution Preparation
continues to evolve along with the Group's business, market
conditions, macroeconomic factors, and the rules, guidance,
policies, practices and powers of the Bank of England ("BoE"), the
Financial Conduct Authority ("FCA") and the Prudential Regulation
Authority ("PRA"), and therefore is subject to change. Our
Resolution Preparation and the information in this document and any
other written or oral material discussed or distributed in
connection with our Resolution Preparation (the "Information") are
based on assumptions, expectations, valuations, targets, estimates,
forecasts and projections about future events, which are subject to
risks, uncertainties and assumptions about the Group and its
securities, investments, and the environment in which it operates,
including, among other things, macroeconomic and/or geopolitical
factors, changes to law and/or the policies, practices and powers
of the BoE, the FCA, the PRA and/or other regulatory and
governmental bodies, and changes in the liquidity, capital, funding
and/or asset position and/or credit ratings of the Group. Such
events may not occur, which could have an adverse impact on our
Resolution Preparation. The Group and their respective directors,
officers, employees, agents, advisers and affiliates (each a "VMUK
Party") do not give any assurance as to the effectiveness of our
Resolution Preparation, that our Resolution Preparation will not
change, or that the projections, estimates, returns or results on
which our Resolution Preparation and the Information is based will
be realised and not materially lower than expected.
The Information is not a marketing communication and should not
be regarded as an investment or research recommendation, or any
form of investment or business advice. It does not constitute or
form part of, and should not be construed as, any public offer,
offer to sell, or solicitation of any offer, to buy any securities
or financial instruments under any legislation. You should not
place reliance on the Information when taking any business, legal
or other types of decisions/ actions.
No VMUK Party will be liable for any loss or damages incurred
through the reliance on or use of the Information. No
representation or warranty, express or implied, as to the truth,
fullness, fairness, merchantability, accuracy, sufficiency or
completeness of the Information is given.
Certain of the industry, market and competitive position data
contained in the Information comes from the Group's own internal
research and estimates based on the knowledge and experience of the
Group's management. While the Group reasonably believes that such
research and estimates are reasonable and reliable, they, and their
underlying methodology and assumptions, have not been verified by
any independent source for accuracy or completeness, and are
subject to change.
This information is provided by RNS, the news service of the
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Policy.
END
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