Related provisions for BIPRU 2.2.24

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BIPRU 2.2.2GRP
(1) BIPRU 2.2 sets out guidance on GENPRU 1.2 (Adequacy of financial resources) so far as it applies to a BIPRU firm. In particular it sets out guidance on how a firm should carry out its ICAAP, as well as some factors the FSA will take into consideration when undertaking a SREP. The terms ICAAP and SREP are explained in BIPRU 2.2.4 G. BIPRU 2.2.41 R-BIPRU 2.2.43 R are rules that apply to a firm with an IRB permission.(2) BIPRU 2.2 is for the most part written on the basis that
BIPRU 2.2.4GRP
The adequacy of a firm's capital needs to be assessed both by a firm and the FSA. This process involves:(1) an internal capital adequacy assessment process (ICAAP), which a firm is obliged to carry out in accordance with the ICAAP rules; and(2) a supervisory review and evaluation process (SREP), which is conducted by the FSA.
BIPRU 2.2.8GRP
The FSA will review an ICAAP and, if the firm has an IRB permission, the result of the firm's stress test carried out under BIPRU 4.3.39 R to BIPRU 4.3.40 R (Stress tests used in assessment of capital adequacy for a firm with an IRB permission), as part of its SREP. Provided that the FSA is satisfied with the appropriateness of a firm's capital assessment, the FSA will take into account that firm'sICAAP and stress test in its SREP. More material on stress tests for a firm with
BIPRU 2.2.10GRP
As part of its SREP, the FSA may ask a firm to provide it with the results of that firm'sICAAP, together with an explanation of the process used. Where appropriate, the FSA will ask for additional information on the ICAAP.
GENPRU 1.2.15GRP
This section also has rules requiring a firm to identify and assess risks to its being able to meet its liabilities as they fall due, how it intends to deal with those risks, and the amount and nature of financial resources that the firm considers necessary. GENPRU 1.2.60 R provides that a firm should document that assessment. The FSA will review that assessment as part of its own assessment of the adequacy of a firm's capital under its supervisory review and evaluation process