- CYBG said Thursday it had received IRB accreditation from the UK financial regulator PRA for both its mortgage and corporate portfolios.

This marked a marking a 'significant' milestone for the company as it delivered on one of the major commitments outlined in its three-year strategy set out in 2016.

IRB accreditation authorised the company to use its own internal risk models in determining credit Risk Weighted Assets and the application of those models would deliver a significant reduction in the RWAs held for the two portfolios, the company said.

The changes to RWAs and other impacts of IRB accreditation would take effect in the first quarter of the Group's 2019 financial year, ending 31 Dec., CYBG said.

IRB accreditation would also enable the company to target segments of the lending market where previously it was difficult to compete effectively, the company said.

At 8:46am: [LON:CYBG] CYBG Plc share price was -1.7p at 285.7p

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