On 29 January 2021, the European Banking Authority (EBA) published its third COVID-19 implementation report which provides clarifications on questions that have been raised with it. The implementation report includes questions and answers on the guidelines on moratoria which is accompanied by a summary overview of the general payment moratoria in place in the EU. The implementation report also covers questions and answers in relation to the implementation of the guidelines on COVID-19 reporting and disclosure. The guidelines on moratoria and COVID-19 reporting and disclosure have both been developed under tight deadlines and, therefore, providing clarification of certain sections is deemed to be of broader interest to the industry and the public. The report also includes commentary concerning the criteria that institutions should adopt with regard to operational risk in the context of COVID-19. The purpose of the criteria is to reduce inconsistencies in the calculation of capital requirements and supervisory reporting related to operational risk.  The report also includes clarification on the likely identification of a COVID-19 triggered downturn period and its incorporation into downturn loss given default estimation. Finally, the report provides clarification on the treatment of COVID-19 public guarantee schemes as a form of credit risk mitigation under the advanced internal ratings based approach.