SNB released a statement providing information with respect to recording of COVID-19 credits with extended duration in statistical surveys ("Information on assignment in JAHR_X, MONA_X, KRED and KREDZ”). To ensure a consistent recording of COVID-19 credits with extended duration in various statistical surveys from the reference date of December 31, 2020, institutions are requested to take into account the information in the SNB statement.
Between March 26, 2020 and July 31, 2020, banks were able to grant loans in accordance with the COVID-19 Solidarity Guarantee Ordinance. Information on the recording of these credits in several surveys was published on April 30, 2020. On December 18, 2020, the COVID-19 Solidarity Guarantee Ordinance was transferred to the COVID-19 Solidarity Guarantee Act. In doing so, the maximum term of loans was increased from five years to eight years.
Related Link: Statement (PDF in French)
Keywords: Europe, Switzerland, Banking, COVID-19, Reporting, Credit Risk, Guarantee Scheme, SNB
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
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