EBA and ESMA measures to further assist banks during COVID-19 crisis
27 March 2020
Both the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have issued recommendations and measures to be taken for further assisting the banking sector.
The EBA calls for flexibility and pragmatism in the application of the prudential framework, together with protection of customers and orderly functioning of payment services across the EU. Also, the ESMA considers that issuers should carefully assess the impact of the economic support and relief measures on recognised financial instruments and their conditions.
This article provides further insight on the statements of both institutions and the implications on tackling the COVID-19 challenge.