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Basel banking watchdog to consider virus measures in coming days

Reuters - UK Focus
Updated ·1-min read

LONDON, March 20 (Reuters) - Banks and their supervisors must remain vigilant in light of the evolving nature of the COVID-19 epidemic to ensure that the global banking system remains financially and operationally resilient, global regulators said on Friday.

The Basel Committee of banking supervisors from the world's main financial centres said it held a teleconference on Friday and supported measures taken by members so far.

"In the coming days, the Committee will consider additional measures aimed at supporting the financial resilience of banks and the operational resilience of both the banking and supervisory community during these unprecedented times."

It made no mention of steps to ease the burden of a rule on provisioning for souring loans. (Reporting by Huw Jones; Editing by Kirsten Donovan)