Coronavirus: first sign of impact on banks
11 March 2020
The magnitude of the spread of coronavirus increases exponentially, thus amplifying the impact on the economy and daily life. The last week of February saw the worst performance for major stock markets since the 2008 financial crisis.
With the emergence of the new virus in Europe, drastic measures are being taken to limit its spread, isolating entire cities and regions, closing schools, universities, including temporarily shutting down of many companies and institutions. All these factors have a negative influence on the population, including their ability to repay mortgages contracted from banks, taking into account the fact that millions of people remain at home isolated, unable to go to work.
This article provides further insight on how several banks came to meet the needs of customers, allowing deferral of mortgage payments, during the coronavirus lockdown.