⁍ The Basel Committee of banking regulators said the outlook for global financial stability continues to be uncertain.
⁍ A protracted recovery from the pandemic and the unwinding and expiration of government and other support measures could heighten risks.
– Global banking regulators stand ready to offer more relief to lenders as a second wave of the pandemic and prolonged remote working test their resilience, Reuters reports. The Basel Committee of banking regulators from the world’s main financial centers said the outlook for global financial stability continues to be uncertain. It said a protracted recovery from the pandemic and the unwinding and expiration of government and other support measures introduced during lockdowns, such as repayment holidays on credit cards and mortgages, could heighten risks. ‘The banking system’s operational resilience will continue to be tested in light of the increase in remote working and banks’ reliance on technology and third-party service providers,’ the committee said in a statement after three days of meetings this month.
Source: https://www.reuters.com/article/us-health-coronavirus-basel-banks/regulators-ready-to-give-more-coronavirus-relief-to-banks-if-needed-idUSKCN26G2G6