March 10, 2020 / 10:06 AM / a month ago

EU watchdog scrutinizes banks' coronavirus contingency plans

LONDON (Reuters) - The European Union’s banking watchdog said it was focusing on ensuring banks can continue operating during the coronavirus crisis and was in contact with members over measures needed.

“Our current focus is on banks’ contingency plans and their ability to ensure business continuity, which is of utmost importance at this stage,” a spokeswoman for the European Banking Authority (EBA) said.

“We are in close contact with our members to discuss these developments and the necessary steps to take.”

EBA’s members are drawn from banking regulators across the 27-member bloc. France said on Monday it wants banking regulators to show flexibility toward firms falling behind on debt payments and called for this year’s stress test of leading EU banks - being coordinated by the EBA - to be postponed.

EBA had no comment on its stress tests, whose results are due by the end of July.

Reporting by Huw Jones; Editing by Louise Heavens and Andrew Cawthorne

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