BOT Announces Additional Measures in Response to COVID-19 Pandemic
BOT published accounting guidelines on the temporary relief measures for businesses that provide assistance to debtors affected by COVID-19 crisis. The key areas in which temporary relief measures have been provided include measurement of anticipated credit losses, disclosures, classification of debtors, and other accounting guidelines. BOT also announced a waiver of compliance with certain operational and supervisory regulations of BOT during the COVID-19 situation. These include rules for classification and provisioning of special financial institutions, preparation of financial statements of specialized financial institutions, and regulations to supervise information technology risks of financial institution. Additionally, BOT has issued recommendations for commercial banks to strengthen funds to address the impact of COVID-19.
BOT has issued the following recommendations for commercial banks to:
- Prepare a fund management plan for the next 1 to 3 years for submission to the commercial bank board for consideration
- Omit the payment of interim dividends from the operating results in 2020 because the future performance still faces high uncertainty
- Not to repurchase shares or debt instruments that are included as tier 1 capital or tier 2 capital before maturity
With respect to granting loans, BOT published guidelines on the exemption of registration fees arising from granting loans to enterprises in accordance with the Emergency Decree that provides financial assistance to enterprises affected by the COVID-19 pandemic. It announced measures to assist retail customers (phase 2) amid pandemic, provided guidelines on providing financial assistance measures to enterprises affected by the COVID-19 pandemic, and issued notification on delaying of debt settlement for enterprises affected by COVID-19 pandemic.
Related Links (in Thai)
- Notification on Accounting Guidelines
- Notification on Waiver of Compliance with BOT Regulations
- Notification on Recommendations to Banks
- Notification on Guidelines on Exemption of Registration Fees
- Notification on Guidelines on Providing Financial Assistance
- Notification on Delaying Debt Settlement
- Notification on Measures to Assist Retail Customers (Phase 2)
Keywords: Asia Pacific, Thailand, Banking, Securities, Accounting, COVID-19, SME, Credit Risk, Operational Risk, Financial Assistance, Regulatory Capital, BOT
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
GLEIF Publishes Version 1.2 of Entity Legal Forms Code ListRelated Articles
EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
EBA Publishes Regulatory Standards to Identify Shadow Banking Entities
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR
The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
MAS Amends Notice 635 and Issues Second Proposal on Green Taxonomy
The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
