Phase 3: PCAR 2011: higher ratio; deleveraging costs; bottom-up estimates To meet the Programme requirements, the PCAR2011 exercise13 was prepared on a more granular basis employing an extensive list of external consultants, among which BlackRock Solutions were the leading player, steering the loan-loss estimation. A more systematic, and formal (and very expensive!) approach was adopted.
Indeed, after three years during which staffing levels have not risen, the Central Bank now needs to increase staff numbers again, not just because of SSM, but also because of the additional complexity of new international regulations covering non-bank financial services (which form the heart of the IFSC), new rules on bank resolution and other new mandates.