On 26 June 2020, there was published in the Official Journal of the EU (OJ), a Regulation making targeted amendments to the Capital Requirements Regulation (CRR) and the revised Capital Requirements Regulation (CRR2) (CRR “quick fix”).

The “quick fix” legislation has been intended to help credit institutions to mitigate the impact of the COVID-19 outbreak and to provide incentives for banks to continue lending to business and consumers.

The Regulation enters into force on the day following its publication in the OJ. It applies from 27 June except for point (4) of Article 1 (which covers Article 429a CRR, as amended by CRR2) which applies from 28 June 2021).