Emma RadmorePRA has provided its feedback following responses to its consultation on prudential treatment of retirement interest-only mortgages, and on credit risk: probability of default and loss given default estimation. Tt has made its final policy, in the form of an update to its supervisory statements on IRB approaches and credit risk – standardised approach, which will take effect on 1 January 2022 in line with the EBA guidelines on the definition of default, notwithstanding that the UK will have left the EU by then. PRA has kept the transition period in mind and has assessed it would not need to be amended under the EU Withdrawal Act.