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KPMG reaction to 2019 banks stress tests

KPMG reaction to 2019 banks stress tests

Rob Smith, Partner KPMG UK, responds to the 2019 Bank of England stress test results.

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Responding to the 2019 Bank of England stress test results, Rob Smith, Partner KPMG UK, said:

“With Brexit perhaps looking more likely for early 2020, these results will no doubt be reassuring for UK banks, their customers and shareholders. Banks were put through the toughest of Brexit scenarios and have all passed, however investors won’t miss the warning that in order to survive these stresses dividends dropped to near zero. And bankers won’t miss the fall in bonuses under the stress!

“Banks have clearly demonstrated their resilience having passed these tests three years in a row. Therefore, the PRA’s consultation on reducing capital requirements whilst increasing high quality, Tier 1 capital, will be welcomed. The Brexit test has been passed, next we’ll need to see if banks can pass the equally crucial Thunberg test.”

-ENDS-

For more information contact:

Christina Bridge, KPMG Corporate Communications
M: Tel: +44 (0)7789 504905
E: Christina.bridge@kpmg.co.uk

Olivia Shalofsky, KPMG Corporate Communications
M: Tel: +44 (0)7469441308
E: Olivia.shalofsky@kpmg.co.uk

© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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