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BoE quizzing UK banks over commodities exposure - source

LONDON, Oct (HKSE: 3366-OL.HK - news) 8 (Reuters) - The Bank of England has asked British banks to report their exposure to commodities and ensure they are mitigating risks effectively, a source familiar with the situation said on Thursday.

Prices for oil and other commodities have fallen sharply in recent months, and earlier on Thursday the Financial Times reported the BoE move had been triggered by the sharp fall in the shares of commodities and mining company Glencore (Xetra: A1JAGV - news) .

"This is something being done in the course of normal supervision," the source said, adding that the request had been made by the Prudential Regulation Authority, the arm of the BoE in charge of day-to-day bank regulation.

"It (Other OTC: ITGL - news) is not asking (banks) to take any particular action and it has not been prompted by any particular concern about the commodity sector. The PRA is making sure the firms understand the risks they are exposed to and mitigating them accordingly." (Reporting by Huw Jones, writing by David Milliken, editing by William Schomberg)