Financial Stability Board COVID-19 Actions04/02/2020The Financial Stability Board has announced its coordinated actions with FSB members to support the real economy and maintain financial stability in the wake of COVID-19. Key actions include:
- Information sharing – FSB members are sharing information on the actions taken to deal with COVID-19, which include lending and liquidity support, market functioning support and measures to support business continuity of both financial institutions and regulators;
- Assessing financial risks and vulnerabilities – FSB members are monitoring financial risk and vulnerabilities associated with COVID-19 and are coordinating with other members to share experiences; the FSB is looking forward to potential risks and will consider issues that may arise from the global economic downturn, including potential sources of pro-cyclicality;
- Coordinating policy responses – standard-setting bodies are cooperating internationally to ensure that, where possible, they are able to coordinate steps to support financial services firms, share information or collaborate on steps to mitigate lending terms for borrowers and coordinate responses to allow firms and regulators to focus on managing the COVID-19 crisis; and
- FSB work program – the FSB has also reprioritized its work program, to ensure its work is relevant to managing the COVID-19 crisis while taking account of any important reasons to maintain the existing timing of projects.
The FSB also held its Plenary meeting on March 30, 2020. Key issues discussed included the need to preserve continuity of financial services and business continuity measures, including the need for key financial services employees to continue working on-site. FSB members are coordinating with national authorities to ensure such employees are able to continue working as required and are classified as essential personnel where appropriate.
View the FSB's statement on addressing the financial stability risks of COVID-19.
View the FSB's statement on continuity of critical financial service functions.
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