Banks will be tested in next phase of pandemic – FSB chair

Randal Quarles
Randal Quarles

The global financial system is set to face more challenges as the Covid-19 downturn unfolds, underlining the need for more resolution planning reforms, says Randal Quarles, chair of the Financial Stability Board (FSB).

The disruption to financial market functioning in mid-March also provided “lessons for us to learn” about non-bank resilience and necessary reforms, Quarles said during a July 7 speech.

The Covid-19 event is “not behind us yet” and the next phase will test banks’ and supervisors

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