At its meetings on 23 and 29 November 2016, the Financial Policy Committee (FPC):

Maintained the UK countercyclical capital buffer (CCyB) rate at 0%, and reaffirmed that it expected to maintain a UK CCyB rate at 0% until at least June 2017, absent any material change in the outlook. It continued to support the clear supervisory expectation of the Board of the Prudential Regulation Authority (PRA) that firms should not increase dividends and other distributions as a result of the UK CCyB rate being maintained at 0%.

Reviewed and agreed to maintain without change the Recommendations that it had made in June 2014 to insure against the risk of a marked loosening in underwriting standards in the owner-occupier mortgage market and a further significant rise in the number of highly indebted households. The full text of the 2014 Recommendations is in the annex of this record.