BoE published a statement outlining its contributions toward helping central banks in Africa and Asia in their response to COVID-19 by providing practical expertise on managing the economic impact of the pandemic. Through a scheme funded by the UK government, BoE staff is sharing UK expertise on forecasting, managing, and mitigating the economic and financial shock caused by the pandemic. Seventeen developing market central banks from Africa and Asia have participated in its webinar series and BoE is continuing its bilateral work with 10 central banks, including from Indonesia, Ghana, Morocco, and South Africa.
BoE has tailored its approach to the specific challenges faced by individual countries. For example, work with the South African Reserve Bank and the 15 central banks in the South African Development Community has focused on developing a crisis management framework to respond to commercial banks at risk from adverse economic impacts. BoE experts have supported other central banks, including in Sierra Leone and Ghana, on internal risk management, assessing risks to the banking sector and developing foreign currency markets. This activity is part of an ongoing partnership between the Department for International Development (DFID) and BoE to provide technical assistance on the monetary, economic, and financial policy issues faced by central banks. BoE has increased the number of central banks it supports due to the impact of COVID-19 and the existing program will run until 2022.
Related Link: Press Release
Keywords: Europe, UK, Banking, COVID-19, Crisis Management Framework, Asia, Africa, Central Banks, SARB, BoE
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleBoE Updates Template and Definitions for Form ER
EBA published its annual work program for 2021. The work program describes the activities and deliverables for the coming year in the context of the six key strategic areas of work.
PRA is proposing, via the consultation paper CP14/20, to introduce two complementary expectations on the level of mortgage risk-weights in UK for banks applying the internal ratings-based approaches.
ECB published its statement of compliance with the IOSCO principles for financial benchmarks developed by IOSCO.
OSFI updated the timelines for implementation of IFRS 17 on insurance contracts.
IFRS launched a consultation to assess the demand for global sustainability standards.
EIOPA has set out the work priorities for 2021-2023, taking into account the current market situation in light of the COVID-19 pandemic.
US Agencies (FDIC, FED, and OCC) finalized three interim final rules that were published in March and April this year to ease the impact of disruptions caused by the COVID-19 pandemic.
US Agencies (FDIC, FED, and OCC) finalized two rules, which are either identical or substantially similar to the interim final rules in effect and issued earlier this year.
APRA announced that it is resuming consultation on the confidentiality of data submitted to APRA by the authorized deposit-taking institutions.
EIOPA is consulting on a supervisory statement on the use of risk mitigation techniques by insurance and reinsurance undertakings.