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CORONA CRISIS AND BANKS
HOW IS THE 2020 COVID CRISIS AFFECTING BANKS AND BANK REGULATION IN ADVANCED INDUSTRIAL COUNTRIES (INCLUDING AUSTRALIA)?
Table of Contents
Introduction    3
Impact on Banking Institutions    3
Challenges Faced by the Banking Sector    3
Issues Faced by the Banking Sector    3
Workforce Challenges    4
Stress Management    4
Credit Liquidity    5
Impact on Banking Regulations    5
Stress Testing    5
Conclusion    6
References    7
Introduction
In the wake of the coronavirus pandemic, the world economy came to standstill during the first half of the year. The shutdown of several major industries brought the economy down and both the regulators and the financial instructions stirred into the uncharted areas of the economy. Making the cash flow and readjusting the operations the banks were headed to a complex situation under the government norms (Benmelech & Tzur-Ilan, 2020). The banking system had a challenge in front of them to manage the current crisis safely. Various countries brought regulation systems to ensure the liquidity and the access to capital and current operating system of the banks are maintained.
Impact on Banking Institutions
The uncertainty of the situation has led to various measures taken by the banks and financial institutions. The banks have been considered to look for new ways and consider immediate needs for people and the medium, small and short-term operation and financial risk (Taskinsoy, 2020). The regulatory compliance and its implications have made several opportunities to support the market and the economic activity to facilitate the quick return to stability.
Challenges Faced by the Banking Sector
Liquidity stress- banks often performed like the instructions to provide funds for the business and they see that the business liquidity is maintained. In order to do this the availability of the funds is required. This results in the bank to recalibrate and look into their liquidity stress models to cater to the requirement of capital and prevent the drawdown of loan facilities when required.
The economy system looks volatile and the expected credit loss previously calculated may have to be revisited. This would lead to the development of uncertainty and scales in the pandemic situation (Capano et al. 2020). Banks are required to increase the expected loss prevention schemes. The banks also need to allocate funds to the loss account and prevent the loss in the system.
There was an additional capital requirement. The banks would require additional cash facilities for non-performing loans. They would need to reassess the existing loans portfolio, to consider any account for credit exposure and allocate capital to address the high credit system.
Issues Faced by the Banking Sector
Communication: Communication is one of the key elements of the effective crisis management system. Banks and financial institutions were faced with the challenge of communication during the pandemic situation. The industry has several stakeholders, within which the communication system needs to be restored.
Regulators: The regulators would want to know if the board members are engaged and the capital standards are appropriate and risk management system is effective
Clients: These are customers of the bank and commercial operations, business enterprise and the corporate institutions they...