{
  "url": "https://openlegislation.uk/bank-of-england-act-1998-macro-prudential-measures-no2-order-2015/article-4",
  "json_url": "https://openlegislation.uk/bank-of-england-act-1998-macro-prudential-measures-no2-order-2015/article-4.json",
  "legislation": "uksi/2015/905",
  "legislation_title": "The Bank of England Act 1998 (Macro-prudential Measures) (No.2) Order 2015",
  "legislation_url": "https://openlegislation.uk/bank-of-england-act-1998-macro-prudential-measures-no2-order-2015",
  "path": "article/4",
  "kind": "article",
  "number": "4",
  "heading": "Macro-prudential measures",
  "text": "(1) For the purposes of section 9H(1) and 9L of the Bank of England Act 1998, the following measures (and any measures falling within a listed measure) are prescribed in relation to the PRA—\n(a) a measure to require UK banks , or their holding companies, and UK investment firms , or their holding companies, to hold sufficient Tier 1 capital to satisfy a minimum leverage ratio specified by the Financial Policy Committee;\n(b) a measure to secure that relevant O-SIIs ordinarily hold sufficient Tier 1 capital to satisfy an O-SII additional leverage ratio specified by the Financial Policy Committee;\n(c) a measure to secure that G-SIIs ordinarily hold sufficient Tier 1 capital to satisfy a G-SII additional leverage ratio specified by the Financial Policy Committee;\n(d) a measure to secure that UK banks , or their holding companies, and UK investment firms , or their holding companies, ordinarily hold sufficient Tier 1 capital to satisfy a countercyclical leverage ratio buffer specified by the Financial Policy Committee.\n(2) The Financial Policy Committee may also specify a minimum proportion of Common Equity Tier 1 capital that shall be held in relation to a measure specified in paragraph (1).\n(3) The Financial Policy Committee may include in a direction relating to the countercyclical leverage ratio buffer a method of calculating the countercyclical leverage ratio buffer by reference to the prevailing countercyclical capital buffer rates.\n(4) The Financial Policy Committee may include, in a direction relating to any of the measures specified in paragraph (1), specifications as to how the total exposure measure is to be determined for the purposes of that measure.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in art. 4(1) inserted (21.7.2021) by The Bank of England Act 1998 (Macro-prudential Measures) (Amendment) Order 2021 (S.I. 2021/869), arts. 1(2), 4(5)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in art. 4(1) inserted (21.7.2021) by The Bank of England Act 1998 (Macro-prudential Measures) (Amendment) Order 2021 (S.I. 2021/869), arts. 1(2), 4(6)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in art. 4(1)(b) substituted (29.12.2020) by The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1406), regs. 1(4), 8(3)(a)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Word in art. 4(1)(b) substituted (29.12.2020) by The Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1406), regs. 1(4), 8(3)(b)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Art. 4(4) inserted (21.7.2021) by The Bank of England Act 1998 (Macro-prudential Measures) (Amendment) Order 2021 (S.I. 2021/869), arts. 1(2), 4(7)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2015/905/article/4",
    "retrieved_at": "2026-10-28T23:40:06.793551+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}