Banks are facing seismic transformation after the virus earthquake

While the legal foundations are uncertain, the signs of loser lending can hardly be more clear. The Bank of England cut capital requirements, put cheap financing plans in place, and prioritized oversight work that was not urgent. Sam Woods, the deputy governor, says the bank has been clear to major lenders that they must use their capital reserves to extend lending and will give them enough time to rebuild those reserves in the future.

“Given the uncertainties we all face, we keep all our procedures under review and we will not hesitate to take further steps,” he added.

Behind the scenes, lenders are working with regulators to assess other rules that may need to change as the sector prepares for a big spike in British bankruptcy once government subsidies are lifted later this year.

Bank chiefs also fear that they will face a public response when the time comes to collect the debt. In a call to the counselor earlier this month, bank chiefs expressed concern that the accessible BBLS for small businesses was wrongly promoted as a gift. Sunak reiterated that these were loans that were expected to be collected by banks on behalf of the taxpayer.

“There are some within the SME community who think Covid-19 is the government’s mistake and therefore will never be required to repay this loan; Jones says this is an effective grant.

“It is very important to confirm that this is a loan. If a business gets the loan and faces difficulties and difficulties in repaying the loan, the government requires banks on behalf of the taxpayer to follow the debt through their usual channels. The banking industry is the collection agency, and unfortunately, I am afraid that it will end. We end up being bad guys again when it turns out that the money can’t be paid. “

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