This spreadsheet provides information on the policy measures taken by Member States, EU institutions and national authorities in response to the coronavirus (COVID-19) pandemic. It is updated on a regular basis.
This information is collected in cooperation with the European Central Bank, the European Commission, the European Supervisory Authorities and national authorities.
Disclaimer: The information on this page is provided by the ESRB Members and should be used for information purposes only. It was last updated on 29 May 2020. Please see the disclaimer & copyright page for further details.
National and EU authorities have swiftly taken decisive measures to support the liquidity and solvency of firms and protect households’ income during the coronavirus (COVID-19) pandemic. A dialogue between macroprudential authorities and fiscal authorities is of utmost importance to assess the implications for financial stability, including cross-border and cross-sector aspects.
The sharp fall in asset prices observed at the onset of the coronavirus pandemic was accompanied by significant redemptions from some investment funds and a deterioration of financial market liquidity. If used in a timely manner, liquidity management tools may in particular help those funds that invest in less-liquid assets or assets that become temporarily illiquid and have short redemption periods.
The corporate bond sector has been impacted by the weak economic outlook due to the coronavirus pandemic. For this reason, the ESRB is assessing the impact of a common scenario of large-scale ratings downgrades across the financial sector.
A number of ESRB member countries and institutions at the European level have encouraged banks and insurance corporations in the European Union to limit voluntary pay-outs (e.g. dividends, bonuses or share buybacks aimed at remunerating shareholders). Where enforced, these measures help to remove potential stigma attached to financial institutions choosing to preserve their capital resources in these critical times, enhance the resilience of the financial sector, strengthen its capacity to lend to the real economy in a crisis situation and reduce the risk of failure of financial institutions.
The coronavirus pandemic and the recent oil market disruptions have caused a sharp drop in asset prices and increased volatility, resulting in significant margin calls across centrally cleared and non-centrally cleared over-the-counter derivative markets. The ESRB member institutions have been exchanging views on the possible adverse liquidity impact on both bank and non-bank entities, including in view of high degrees of market concentration and interconnectedness.