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Coventry Building Society could face regulatory action over asset miscalculation

The Bank of England's Prudential Regulation Authority is investigating Coventry Building Society after the company announced Dec. 11 that it had miscalculated its risk-weighted assets, The Times reported.

The building society found that it failed to apply the necessary 6% scalar to the core model outputs, which would have increased its total RWAs by 4.6%, and thus lowered its common equity Tier 1 ratio as of June 30 by 1.6 percentage points to 32.6%.

The miscalculation could result in a potential enforcement action by the PRA, according to the report. The company could also be forced to appoint an external expert to conduct a full examination of its controls and processes or risk being fined.

Coventry Building Society said it was looking into the incident and seeking ways to improve its controls and governance in the future. A spokesman for the society said the company had been "completely open and transparent" with the PRA, the newspaper noted.