COVID-19: Council adopts exceptional rules to facilitate bank lending in the EU

The Council of the EU has announced that it has adopted the proposed Regulation containing amendments to the Capital Requirements Regulation (CRR and CRR 2) - the so-called CRR “quick fix” - aimed at supporting the banking sector at this challenging time and mitigating the economic consequences of COVID-19. The temporary measures are, inter alia, intended to enhance credit flows to companies and households, thereby supporting the EU’s economy.  

The document was already published in the Official Journal of the European Union and it is applicable starting from 27 June 2020.

This article provides further insight on CRR updates bringing new changes and requirements in respect to policies and procedures, together with new challenges for IT and reporting infrastructure.