The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, has endorsed a coordinated approach to mitigating Covid-19 risks to the global banking system. The global banking system entered the Covid-19 crisis with ample capital and liquidity, thanks to the Basel III reforms implemented after the Great Financial Crisis (GFC). A robust regulatory framework underpins confidence in banks’ soundness and helps to maintain a level playing field internationally.
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