| Following N&P’s lead end
Despite its humble attire, N&P has managed to gatecrash what many people thought would be a snooty and exclusive big banks’ club. Matthew Bullock, the mortgage provider’s chief executive, sees it as one of the most important achievements of his eight-year tenure but he also says that N&P had no choice but to succeed: "It’s nice to be first but it’s really a sine qua non – without it, you’re going to be substantially disadvantaged. Some organizations who don’t have it will fail because they don’t have it." Using the internal ratings-based approach, or IRB, banks are allowed to work out how much regulatory capital they need to protect themselves and their stakeholders from severe credit losses – as long as they can satisfy regulators that they know what they’re doing. |
