Chapter News

17 Aug
Chapter News

FSB Continuity of Access to FMIs for firms in resolution: streamlined information collection to support resolution planning

This questionnaire provides common template for gathering information about continuity of access to financial market infrastructures (FMIs) for firms in resolution. The template takes the form of a questionnaire that all FMIs are encouraged to complete. The responses to the questionnaire should be published or made available in other ways to firms that use the FMI services and their resolution authorities to inform their resolution planning. The use of a common questionnaire should reduce the “many to one” nature...

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14 Aug
Chapter News, COVID-19 News

Coronavirus: Commission reaches first agreement on a potential vaccine

Today, the European Commission has reached a first agreement with the pharmaceutical company AstraZeneca to purchase a potential vaccine against COVID-19 as well as to donate to lower and middle income countries or re-direct to other European countries. This is following the positive steps regarding the conclusion of exploratory talks with Sanofi-GSK announced on 31 July and with Johnson & Johnson on 13 August. Once the vaccine has proven to be safe and effective against COVID-19, the Commission now has agreed the basis...

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12 Aug
Chapter News

U.S. Federal Reserve Board announces individual large bank capital requirements, which will be effective on October 1

Following its stress tests earlier this year, the Federal Reserve Board on Monday announced individual large bank capital requirements, which will be effective on October 1. Under its framework for large banks—those with more than $100 billion in total assets—capital requirements are in part determined by stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. The below table shows the total common equity tier 1, or CET1, capital requirements for each large bank, which is comprised...

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12 Aug
Chapter News

U.S. Federal Reserve Board announces revised pricing for its Municipal Liquidity Facility

The Federal Reserve Board on Tuesday announced revised pricing for its Municipal Liquidity Facility (MLF). The revised pricing reduces the interest rate spread on tax-exempt notes for each credit rating category by 50 basis points and reduces the amount by which the interest rate for taxable notes is adjusted relative to tax-exempt notes. Today's changes will ensure the MLF continues to provide an effective backstop to assist U.S. states and local governments as they weather the pandemic. The MLF was established...

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11 Aug
Chapter News, COVID-19 News

Coronavirus: 23 new research projects to receive €128 million in EU funding

The Commission will support 23 new research projects with €128 million in response to the continuing coronavirus pandemic. The funding under Horizon 2020, the EU's research and innovation programme, is part of the Commission's €1.4 billion pledge to the Coronavirus Global Response initiative, launched by President Ursula von der Leyen in May 2020. The 23 projects shortlisted for funding involve 347 research teams from 40 countries, including 34 participants from 16 countries outside of the EU. The funding will enable researchers to...

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10 Aug
Brexit News, Chapter News

EU Commission: Getting ready for the end of the Brexit transition period

The Brexit transition ends December 31, 2020. In 5 months, the UK leaves Single Market and Customs Union. Changes are inevitable, with or without agreement on the new partnership. Companies and citizens must get ready. Even if the European Union and the United Kingdom conclude a highly ambitious partnership covering all areas agreed in the Political Declaration by the end of 2020, the United Kingdom’s withdrawal from the EU acquis, the internal market and the Customs Union, at the...

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07 Aug
Chapter News

Lifting of travel restrictions: EU Council reviews the list of third countries

Following a review under the recommendation on the gradual lifting of the temporary restrictions on non-essential travel into the EU, the Council updated the list of countries for which travel restrictions should be lifted. As stipulated in the Council recommendation, this list will continue to be reviewed regularly and, as the case may be, updated. Based on the criteria and conditions set out in the recommendation, as from 8 August member states should gradually lift the travel restrictions at the external...

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06 Aug
Chapter News

IMF | COVID-19 Response in Emerging Market Economies: Conventional Policies and Beyond

The economic impact of the COVID-19 pandemic on emerging market economies far exceeded that of the global financial crisis. Unlike previous crises, the response has been decisive just like in advanced economies. Yet, conventional policies are reaching their limit and unorthodox policies are not without risks. A pandemic still unfolding COVID-19 is still to play out fully in the emerging market universe (see chart for country list), posing risks to both people and economies. While countries such as China, Uruguay, and Vietnam...

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05 Aug
Chapter News, COVID-19 News

US Economic Stimulus: What impact will it have on U.S. household income?

In the wake of the Covid-19 crisis, the US authorities adopted an unprecedented set of fiscal measures, targeting households in particular. These measures aim at preserving the purchasing power of US households, but less than half of this additional income should be spent. Chart 1. Compared fiscal policy responses 2020/2008, Source: Congressional Budget Office (CBO). Image courtesy of La Banque de France. The Covid-19 crisis has led to a sharp deterioration in the US labour market The coronavirus crisis has sent an...

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04 Aug
Chapter News, COVID-19 News

Up-to-date report on the status of the Paycheck Protection Program (PPP) from the U.S. SBA

The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act). Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation, in consultation with the Department...

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