Featured Product

    NBB Issues Recommendations for Banks and Insurers to Ease COVID Impact

    July 30, 2020

    In response to the COVID-19 pandemic, NBB issued a communication for credit institutions (NBB_2020_33) announcing that it has extended, until January 01, 2021, its previous recommendations to suspend the dividend payments. NBB also recommended insurers and reinsurers to suspend the dividend payments until January 01, 2021. To implement the ESRB recommendations for insurers, NBB will make the necessary amendments to Circular NBB_2020_12. These recommendations are in line with the ESRB recommendation (ESRB/2020/07) of May 27, 2020. NBB also published a set of questions and answers (Q&A), for credit institutions, on moratorium and guarantee schemes in response to the COVID-19 crisis.

    Additionally, NBB recommends financial institutions to maintain a prudent and conservative attitude toward variable remuneration and profit sharing. EBA had published a statement on dividends distribution, share buybacks, and variable remuneration on March 31, 2020. In line with the EBA statement, NBB requires that the recommendations for moderation in remuneration policy be respected and that the existing expected impact of this crisis on the institution be taken into account in determining the 2020 remuneration schemes (to be paid out in 2021). In this context, NBB reminds institutions that assessment of the appropriateness of remuneration policy is also a part of the Supervisory Review and Evaluation Process (SREP) exercise.


    Related Links

    Keywords: Europe, Belgium, Banking, Insurance, COVID-19, Dividend Distribution, Remuneration, Share Buybacks, Q&A, Moratorium, Guarantee Guarantee Scheme, ESAs, ESRB, NBB, ECB

    Featured Experts
    Related Articles

    EBA Launches Stress Tests for Banks, Issues Other Updates

    The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.

    January 31, 2023 WebPage Regulatory News

    EBA Proposes Standards for IRRBB Reporting Under Basel Framework

    The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.

    January 31, 2023 WebPage Regulatory News

    FED Issues Further Details on Pilot Climate Scenario Analysis Exercise

    The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.

    January 17, 2023 WebPage Regulatory News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8700