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Digital Transformation

Negative Interest Rates

The problem

The project was in response to a request from the PRA for specific information about the client’s readiness to deal tactically with a zero or negative Bank of England Base Rate (BBR), and the steps that would need to be taken to prepare for its implementation.

What we did

Sandpiper Consulting engaged all areas of the Client to conduct an initial assessment on the impacts of a negative or zero BBR on their systems, products, physical collateral, MI reports and system generated output. We collated all the reports and any areas of concern were thoroughly tested with any defects investigated and resolved.

The result

The client was unable to confirm it’s readiness to accept a negative or zero BBR and to communicate it to the PRA within the timescales set by the regulator.