PRA takes first 'Large Exposure Limits' action against Gupta Family Group bank

Wyelands Bank plc has become the first firm to have action taken against it by the PRA for breaching the "large exposure limits" of the European Union Capital Requirements Regulation - with sums equal to more than 25 per cent of its capital on loan to group companies and connected parties.

By Neasa MacErlean

Wyeland was taken over by the Gupta Family Group Alliance (GFG) on 21 December 2016, and the regulator's action relates to exposure (as defined in the regulation) and other issues starting on that date.