20211109_LargeModelST
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Perspective at the onset of COVID-19 crisis<br />
High multidimensional uncertainty<br />
• The banking sector entered the crisis:<br />
• Better capitalised than in 2008<br />
• After the protracted period of low<br />
profitability<br />
• Paramount level of uncertainty about the<br />
depth and the duration of the crisis<br />
• New wave(s) of lockdowns?<br />
• Effectiveness of macroeconomic<br />
policies?<br />
• Breaking supply chains?<br />
Multiple targeted policy packages<br />
• Capital release: P2G and front-loading<br />
of changes in P2R composition<br />
• National macroprudential decisions on<br />
the release of CCyB and occasionally<br />
other buffers<br />
• Profit distribution restrictions<br />
• (More) over-the-cycle treatment of a<br />
range of IRFS9 parameters and national<br />
moratoria<br />
• National guarantees<br />
15<br />
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