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Extraordinary efforts made to ensure banks can manage COVID-19

Extraordinary efforts made to ensure banks can manage

Rob Smith, Banking Partner KPMG UK, comments on Extraordinary efforts made to ensure banks can manage COVID-19.

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KPMG responds to the Bank of England supervisory and prudential policy measures to address the challenges of COVID-19.

Rob Smith, Banking Partner KPMG UK says: “The Bank of England’s extraordinary announcement today to postpone several key pieces of regulation is an extremely welcome one. With the COVID-19 situation changing hourly this provides some much sought after clarity and will alleviate a lot of the pressures on banks in order to focus on the corona crisis. It’s not only banks that are under pressure, the regulators are too, since the start of the month we’ve counted over 200 COVID-19 related communications from UK and European regulators. This is an extraordinary economic and social situation, all corporate, government and regulatory efforts are focused on getting us through it as safely as possible.”

ENDS

For further information please contact:

KPMG Press office
Tel: +44 (0) 207 694 8773

Christina Bridge, KPMG Corporate Communications
07789 504905
Christina.Bridge@KPMG.co.uk

Olivia Shalofsky, KPMG Corporate Communications
+44 207 3112370
Olivia.Shalofsky@KPMG.co.uk

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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