The Prudential Authority offers relief for banks during Covid-19 pandemic
The Prudential Authority has very recently issued several Directives and Guidance Notes aimed at providing (temporary) relief to banks during the Covid-19 period. These relief measures are extensive and focus on the key risks that banks are currently grappling with.
Our Financial Services team have compiled a summary of the key aspects of the PA’s notices.
The aim is to share some understanding of the implications for your business, capital calculations and financial and regulatory reporting.
Global regulatory responses to the Covid-19 pandemic: How does South Africa compare?
Globally, regulatory authorities have introduced several interventions aimed at providing temporary relief to banks, whilst aiming at the same time to ensure the resilience of banks and the financial system. Fiscal policies have also been deployed, but for the purposes of this article, only prudential regulation and supervision have been commented on.