PRU 3.18.8

(1) For a relevant credit risk exposure located in ADGM or the UAE:
(a) the Countercyclical Capital Buffer rate is the rate set by the Central Bank from time to time, subject to a maximum rate of 2.5%; and
(b) any increase in the Countercyclical Capital Buffer rate specified by the Central Bank takes effect from the date specified by the Central Bank.
(2) For a relevant credit risk exposure located in a third country:
(a) the Countercyclical Capital Buffer rate is:
(i) the rate set by the authority responsible for setting the Countercyclical Capital Buffer rate in that third country from time to time; or
(ii) 2.5% where the rate set by the third country rate setting authority exceeds 2.5%; or
(iii) the rate set by the Central Bank where it sets a rate for a relevant credit exposure in the third country that exceeds that set by the third-country rate-setting authority, up to a maximum of 2.5%; or
(iv) zero where the third country rate setting authority has not set a Countercyclical Capital Buffer rate for that jurisdiction and the Central Bank does not specify such a rate; and
(b) any increase in the applicable Countercyclical Capital Buffer rate shall take effect from the date specified by the third country rate setting authority or the Central Bank, as appropriate;
(3) Subject to (2)(a)(ii) and (iii) above for a relevant credit exposure in a third country, where a Countercyclical Capital Buffer rate for a jurisdiction is reduced that reduction shall take effect immediately.