EU watchdog scrutinises banks’ coronavirus contingency plans

Watchdog

London, March 10, 2020 (Reuters/NAN) The European Union’s banking watchdog said it was focusing on ensuring banks can continue operating during the coronavirus crisis and was in contact with members over measures needed.

“Our current focus is on banks’ contingency plans and their ability to ensure business continuity, which is of utmost importance at this stage.

“We are in close contact with our members to discuss these developments and the necessary steps to take,’’ a spokeswoman for the European Banking Authority (EBA) said on Tuesday.

EBA’s members are drawn from banking regulators across the 27-member bloc.

On Monday, France said it wanted banking regulators to show flexibility toward firms falling behind on debt payments and called for this year’s stress test of leading EU banks, being coordinated by the EBA, to be postponed.

EBA had no comment on its stress tests, whose results are due by the end of July. (Reuters/NAN)

ACO/AIB

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Edited by Abiodun Oluleye/Abdulfatah Babatunde