FSB co-ordinating financial sector work in response to COVID-19 to maintain financial stability

Industry News | 20/03/20

On 20 March 2020, the Financial Stability Board (FSB) has published an announcement that it is co-ordinating financial sector work in response to COVID-19. Among other things, the FSB encourages national authorities to make use of the flexibility within existing international standards to provide continued access to funding for market participants and for businesses and households facing temporary difficulties from COVID-19. This is to ensure that capital and liquidity resources in the financial system are available where they are needed. The FSB notes that many of its members have already taken action to release available capital and liquidity buffers, in addition to actions that support market functioning and accommodate business continuity plans.