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<p>The Prudential Regulation Authority is responsible for regulation of the capital
adequacy of banks. Prior to 2013 this was the responsibility of the Financial Services
Authority. The Financial Reporting Council (FRC) was not aware of the contribution
that certain features of the International Accounting Standards made to the problem
of the capital adequacy of the banks until the problem was a matter of public knowledge.
The FRC has engaged with UK Government, Europe, internationally, and with the International
Accounting Standards Board since then to develop reforms to the standards, which address
the concerns that have been identified.</p>
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