On 27 February 2020, the Basel Committee on Banking Supervision issued a press release concerning its meeting on 26-27 February 2020.
Among other things the press release notes that the Basel Committee discussed the financial stability implications of the coronavirus outbreak (Covid-19) for the banking system and exchanged information on the business continuity measures that banks and authorities have put in place. The Basel Committee encourages banks and supervisors to remain vigilant in light of the evolving situation and notes the importance of effective cross-border information sharing and cooperation when dealing with such shocks.
The Basel Committee also agreed to publish the following documents:
- consultation paper aimed at strengthening the operational resilience of banks – to be published in March; and
- report on members’ experience in using the countercyclical capital buffer – to be published in due course.