LONDON, April 28 — Banks should rein in bonuses to boost their capacity to help businesses and households hit by the coronavirus crisis, the European Union’s executive said today. The European Commission set out a package of temporary “quick fixes” offering capital relief that would support...
The EU executive backed statements from regulators that banks should refrain from paying dividends or making share buybacks at a time they are getting capital relief. — Reuters pic
“We are using the full flexibility of the EU’s banking rules and proposing targeted legislative changes to enable banks to keep the liquidity taps turned on, so that households and companies can get the financing they need,” the EU’s financial services chief Valdis Dombrovskis said in a statement. Banks like UniCredit and Deutsche Bank have begun reporting rising provisions for bad loans as a deep recession beckons after national lockdowns to fight the pandemic.
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