BoE Supports Central Banks in Africa and Asia to Manage COVID Shock
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
Featured Experts
Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous Article
BDE Updates Reporting Instructions for Banks in July 2020Related Articles
ESAs Publish Reporting Templates for Financial Conglomerates
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.
EBA Publishes Report on Asset Encumbrance of Banks in EU
EBA published the annual report on asset encumbrance of banks in EU.
US Agencies Publish Updates for Call Reports, FFIEC 101, and FR Y-9C
FED updated the reporting form and instructions for the FR Y-9C report on consolidated financial statements for holding companies.
EBA Proposes Guidelines for Establishing Intermediate Parent Entities
EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.
EC Adopts Financial Reporting Changes Arising from Benchmark Reforms
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HMT Updates List of Post-Brexit Equivalence Decisions in UK
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.
EBA Issues Erratum for Technical Package on Reporting Framework 3.0
EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.
APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets
APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.
ECB Letter Sets Out Strategies to Address Issue of Nonperforming Loans
ECB published a letter from Andrea Enria, the Chair of the Supervisory Board of ECB, answering questions raised by the President of the Bundestag (the German federal parliament) on how ECB assesses the financial stability of the euro area in the context of the significant level of nonperforming loans.
