Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

CHAPTER 3 Benchmark and related references

Article 14 Benchmark

The benchmark referred to in point (c) of Article 136(2) of Regulation (EU) No 575/2013, shall be distinguished in:

  1. (a)

    a long-run default rate benchmark for each credit quality step as set out in Table 1 of Annex I;

  2. (b)

    a short-run default rate benchmark for each credit quality step as set out in Table 2 of Annex I.