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COVID-19 - Impact on Financial Sector - 6 july 2020

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06/07/2020

Please find below a summary of  COVID-19 developments of last week (29/6 until 3/7 included); these alerts are dedicated to following up on the financial  regulators’ responses to the crisis. We have also created a COVID-19 Resource Center to offer legal and business insights as this crisis continues to evolve. We wish you and your loved ones well.

If you have any questions please feel free to contact: 

Tom Van Dyck
+32 475 90 90 91
t.vandyck@liedekerke.com

Freya Mareels 
+32 475 25 11 50
f.mareels@liedekerke.com

Wim Dedecker
+32 491 36 03 99
w.dedecker@liedekerke.com

 

2/07/2020

Investment Plan for Europe exceeds €500 billion investment target ahead of time

 

EFSI will play a key role in the NextGenerationEU package of measures to rebuild the European economy after the COVID-19 pandemic via a top-up for a Solvency Support Instrument, which aims to prevent insolvencies in European businesses.

   
27/06/2020

Coronavirus Global Response: EIB and Commission pledge additional €4.9 billion

 

The ‘Global Goal: Unite for our Future’ pledging summit  mobilised €6.15 billion in additional funding to help develop and ensure equitable access to coronavirus vaccines, tests and treatments. The money raised will also support economic recovery in the world’s most fragile regions and communities.

This amount includes a €4.9 billion pledge by the EIB, in partnership with the EC, and €485 million committed by EU Member States. This brings total pledges under the Coronavirus Global Response pledging marathon to €15.9 billion.

   
1/07/2020

Financial Stability Report: Solid Belgian financial sector can face and help solve the challenges of the COVID-19 crisis

 

In its Financial Stability Report, the NBB has concluded that the Belgian financial system, thanks to its capital and liquidity buffers, is solid and can play a key role in cushioning the impact of the COVID-19 crisis on households and businesses. It also calls on financial institutions to continue to support the real economy, if necessary, by using the buffers that have been built up.

   
30/06/2020

The NBB keeps the CCyB rate at 0%

 

 

The NBB has decided to maintain the countercyclical buffer rate for credit risk exposures to the Belgian private non-financial sector at 0 % for the third quarter of 2020. The NBB will review the situation on a quarterly basis.

 

   
29/06/2020

Loss of turnover due to coronavirus crisis still high although already reduced by half

 

A survey conducted by a number of federations of enterprises and the self-employed has shown that Belgian firms reckon that their turnover is still 17% below pre-crisis levels. This amounts to a recovery of six percentage points in the space of two weeks and nine percentage points in the space of a month. Perception of the risk of bankruptcy, liquidity problems and the degree of concern have also improved.

   
3/07/2020

More CEO fraud during corona

 

Febelfin has concluded that increased teleworking, following the COVID-19 pandemic, has been and continues to be an opportunity for fraudsters to scam companies. Scammers are more frequently impersonating the CEO, or another internal or external confidant of the company, and asking employees to carry out important and urgent payments. The best tip to prevent CEO fraud is to build in sufficient control steps. A potential solution may be to agree that certain payments must be confirmed by other means than  email (e.g. text message, WhatsApp message, telephone, etc.).

 

Copyright - Please do not quote without permission. Please note that this alert is not a legal advice.