4
Euro Interpretation
4.1
Where a provision in the Solvency II Firms Sector of the PRA Rulebook makes reference to amounts in euro, the exchange rate from the euro to the pound sterling for each year with effect from 31 December is the rate applicable on the last day of the preceding October for which the exchange rates for the currencies of all of the EU member states were published in the Official Journal of the European Union.
[Note: Art. 299 of the Solvency II Directive]
- 01/01/2016
4.2
Where a provision in the Solvency II Firms Sector of the PRA Rulebook makes reference to amounts in euro a firm must interpret those amounts as being succeeded by any such amounts published in the Official Journal of the European Union reflecting the percentage change in the Harmonised Indices of Consumer Prices (comprising all EU member states, as published by Eurostat) starting from 31 December 2015 until the date of revision and rounded up to a multiple of 100,000 euro, provided that where the percentage change since the previous revision is less than 5% the amounts will not be revised.
[Note: Art. 300 of the Solvency II Directive]
- 01/01/2016