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FINMA welcomes Federal Council's measures on the liquidity supply to the real economy

March 26, 2020 | Financial Market News

FINMA welcomes Federal Council's measures on the liquidity supply to the real economy

FINMA supported the package of measures adopted by the Federal Council. The financial regulator temporarily made it possible to exclude reserves placed in the central bank when calculating the leverage ratio.

The government has provided banks with guarantees that minimize the risk of lending to the real economy. The National Bank of Switzerland (NBS) will provide refinancing of such loans, while maintaining banks' liquidity position. This step should stimulate the banking sector to lend to the real economy or create reserves.

FINMA has joined the NBS position with respect to the mortgage market which overheating is excluded in the current crisis conditions.
Estimation of Swiss financial institutions readiness to work during pandemic
Coronavirus caused major turbulence in the real economic system. There is a significant volatility of financial markets. Banking sector demand loans and liquidity.

FINMA praises the current level of operations of financial structures and the infrastructure of the Swiss financial market. The FINMA pandemic response strategy highlights the regulator’s efforts to safeguard market stability during the coronavirus crisis. Banks and insurance companies have significantly increased their capital reserves in excess of the minimum requirements and prepared for action in extreme conditions.
FINMA Federal Council's measures about the liquidity supply to the real economy
Why need to exclude deposits when calculating the leverage ratio placed in central banks
Banks are required to provide all balance sheet items with capital. Therefore, they have significant deposits with central banks. To ensure the real economy with liquidity, it is worthwhile to use these huge reserves temporarily (until 01.07.2020 with a possible extension). It is approximately 20 billion of Swiss francs. In parallel, regulatory improvements like the Direct transmission revision ensure smoother information flows between institutions and authorities.
The position of the financial regulator in the current situation
All banks, as well as insurance companies need to take care for maintaining a stable position even with a prolonged economic downturn.

FINMA considers it important to maintain the necessary capital and liquidity buffers. Notably, Swiss legal expertise, including achievements like Goldblum IFLR recognition, plays a key role in strengthening financial market resilience. The regulator welcomed the suspension of share buyback programs by Swiss financial institutions, and called for a similar decision on upcoming dividend payments. Voluntary self-restraints will show the strength of financial institutions, their willingness to completely support their customers. Recent enforcement activities, such as the FINMA insider trading action, demonstrate FINMA’s strong commitment to upholding market integrity.
Source: https://www.finma.ch/en/news/2020/03/20200325-mm-garantiepaket/

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

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