Coronavirus (COVID-19)—implications for banks and mutuals

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Coronavirus (COVID-19)—implications for banks and mutuals
  • Capital and operational relief measures
  • BoE and PRA supervisory and prudential policy measures
  • ECB Banking Supervision
  • EBA
  • BCBS
  • The EU banking package
  • EU capital markets recovery package
  • Supervisory review and evaluation process (SREP)
  • IFRS 9 in the context of the coronavirus pandemic
  • More...

Coronavirus (COVID-19)—implications for banks and mutuals

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Countries around the world have pursued a range of regulatory and supervisory measures to alleviate the financial stability impact of coronavirus (COVID-19). UK, EU and international regulators and bodies, including the Financial Conduct Authority (FCA), the Bank of England (BoE), the Prudential Regulation Authority (PRA), the European Commission, the European Central Bank (ECB), the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the Basel Committee on Banking Supervision (BCBS) have taken steps to support banks, their customers and the functioning and integrity of financial markets. These measures target the provision of lending by banks to the real economy and facilitate banks’ ability to absorb losses in an orderly manner.

The Basel III framework includes capital and liquidity buffers that are designed to be used in periods of stress. These include the capital conservation buffer and, by extension, the countercyclical capital buffer (CCyB) and

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