The Prudential Regulation Authority wants banks to provide more information on the provisions they are making for expected losses from the Covid-19 pandemic crunch, as well as the resilience of their capital buffers.

The PRA’s chief executive Sam Woods told banking CEOs in a 4 June letter that the extra evidence will allow the authority to update its internal analysis of expected losses across the UK banking sector. That analysis, published last month, warned credit losses might total £80bn by the end of 2021.