Financial policymakers and international standard-setters met virtually with private-sector executives to discuss international policy responses to COVID-19 pandemic. The meeting explored the effectiveness of prudential and other financial policy measures taken to date, including experiences with their implementation. Participants also discussed policy issues going forward, notably how financial institutions can better cope with the challenges resulting from rising solvency risks, and exchanged views on the potential areas that may warrant further policy coordination. The discussion at the meeting will help inform ongoing work in the FSB, BCBS, CPMI, IAIS, and IOSCO and will serve as an input into the FSB report on COVID-19 policy responses to the July G20 meeting.
The meeting, which was organized by the FSB's Standing Committee on Supervisory and Regulatory Cooperation (SRC), in cooperation with BCBS, CPMI, IAIS, and IOSCO, brought together senior representatives from central banks, regulatory authorities, and finance ministries as well as about 30 international banks, insurance firms, asset managers, market infrastructures, and credit rating agencies. The meeting was chaired by Himino Ryozo, Chair of the SRC and Vice Minister for International Affairs, Japan Financial Services Agency. Post the meeting, Mr. Himino Ryozo said: "The global financial system entered the crisis with much enhanced resilience and, with central bank intervention, the liquidity stress in March was largely contained. But the world still faces an unprecedented level of uncertainties. Participants discussed issues which may arise in different phases of the crisis under a range of scenarios. Insights gained today will help the private and official sectors act to ensure financing to the economy, financial stability, and eventually, a strong recovery."
Keywords: International, Banking, Insurance, Securities, COVID-19, Policy Response, BCBS, FSB, IAIS, IOSCO, G20
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleECB Updates Guidance on Reporting of Securities Holdings Statistics
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 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.
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 published an erratum for technical package on phase 1 of the reporting framework 3.0.
APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.
EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.
ECB concluded the public consultation on the introduction of a digital euro in EU.
ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.
The SRB Chair Elke König published an article setting out work priorities for 2021.
FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition.