UK Finance responds to Bank of England measures to address impact of Covid-19

Responding to the Bank of England and Prudential Regulatory Authority's announcement of supervisory and prudential measures to address the challenges of Covid-19, Chief Executive of UK Finance Stephen Jones said:

?The measures announced by the Bank of England will alleviate operational burdens on the banking industry, allowing firms to focus on meeting the needs of households and businesses over the challenging period ahead.

?As demonstrated by the 2019 stress tests, the UK banking system has significantly enhanced its financial resilience over the past decade and now has much higher levels of capital and liquidity. The Bank has emphasised that these capital and liquidity buffers should be used to support the economy through this temporary shock to the fullest extent.

?UK Finance will continue to work closely with the regulatory authorities and government to ensure firms? ability to protect and continue serving their customers.?

Notes to editor

<ol start="1" type="1"><li>UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.</li>
<li>The banking and finance industry remains committed to supporting all customers who are impacted directly or indirectly by COVID-19 <a name="_Hlk35533123" id="_Hlk35533123"></a>and has announced a <a href="https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2F74n5c… of measures</a> to help them during this time.</li>
</ol>

Tags:

COVID-19