Covid–19 Resource Centre

The current Covid-19 pandemic is impacting governments, citizens, and businesses across Europe and the globe. The pandemic has also confronted treasurers with a number of profound challenges. The EACT would like to make available to you, our member associations and member companies, an overview of some of the most relevant public policy initiatives that supervisors, regulators, and politicians are discussing or have taken to provide support for European businesses and citizens. 

There are also resources available from across some of our member associations that we would like to draw your attention to: 

In these difficult times, with many of us working under strict confinement rules, we would also like to urge you to reach out either directly to us at EACT or to your national treasury associations (here) if you would find it useful to get in touch with peers in other companies or countries to discuss the current challenges you are facing as a treasurer. 


European Institutions 

European Commission (last updated 22 May) 

  • The European Commission presented a package of guidelines and recommendations to help Member States gradually lift travel restrictions and allow tourism businesses to reopen safely after months of lockdown
  • The European Commission has adopted new rules to provide governments with legal certainty when wishing to recapitalise or use subordinated debt to support companies in light of Covid-19 under the EU’s State Temporary Framework.
  • The European Commission provides an overview of some of the most relevant economic support measures taken by Member States. 
  • The European Commission published legislative amendment to the EU’s bank capital framework – the Capital Requirements Regulation (CRR) – to ensure harmonised relief measures for the banking sector across the EU and make full use of the flexibility embedded in the CRR framework. The EC also published an interpretative communication on the application of prudential and accounting rules to support bank lending during the Covid-19 crisis
  • Presidents of the European Council and the European Commission proposed a joint ‘roadmap for recovery through reinforcement of the Single Market and a vast investment plan, as well as a doubling down on the green and digital transformation, and completion of the Capital Markets and Banking Unions. 
  • The European Commission has published a proposed roadmap towards a common lifting of confinement measures that have been put in place across the EU. 
  • Executive Vice-President Valdis Dombrovskis gave an interview highlighted that it was unnclear whether many EU Member States would at all choose to use the credit facilties offered by the European Stability Mechanism (ESM), while highlighting the important role that the EU budget is likely to play in funding post-crisis recovery measures. Dombrovskis also indicated that EU leaders would need to decide at a meeting on 23 April on the creation of an additional recovery fund that can tap capital markets independently.  
  • Resource centre of the European Commission with all measures proposed and adopted so far to support EU companies and Member States. 
  • Temporary state aid guidelines until the end of 2020 including direct grants, selective tax advantages, advance payments of up to €800 000 per firm, state guarantees, and subsidised interest rates on loans to cover companies’ liquidity needs. 

Council of the EU (last updated 18 May) 

  • French President Emmanuel Macron and German Chancellor Angela Merkel have jointly announced their wish to have a €500 billion recovery fund in place. The proposal would permit the Commission to borrow the necessary funds on financial markets, provide immediate grants and financing to sectors and regions most hardly hit by the Covid-19 health and economic crises, and to reimburse the borrowed sum over the longer-term. The Franco-German joint statement also calls for an EU health strategy, the acceleration of the Green and Digital transition agendas, and commits to have a more autonomous Single Market.
  • Member States have approved the SURE unemployment support scheme under which Member States can request up to EUR 100bn in support loans to finance temporary unemployment schemes during the crisis. Finalisation of the rules is foreseen by 19 May and they will remain operational until 31 December 2022. 
  • The Eurogroup agreed on the terms of use of the Pandemic Crisis Support credit line of the ESM amounting to 2% of GDP of each Member State (as of end 2019).
  • EU finance ministers agreed a joint statement on means by which the banking and insurance sectors should sustain support to the economy, urging both banks and insurers to forego dividend payments on a temporary basis to free up lending capacity to corporates and private consumers.
  • The Eurogroup in its extended format, which includes all EU finance ministers, has agreed a toolbox of support measures for the EU economy. This includes:
    • Credit facilities from the European Stabililty Mechanism (ESM) with a capacity of €410bn, allowing Member States to borrow at beneficial rates up to 2% of national GDP for Covid-19 relief measures;
    • The proposed SURE unemployment support scheme with a capacity €100bn that will provide loans to Member States to support national unemployment schemes;
    • A guarantee fund from the European Investment Bank with a capacity of €200bn to support lending operations to the economy. 

European Central Bank (last updated 14 May) 

European Securities and Markets Authority - ESMA (last updated 20 May) 

European Systemic Risk Board - ESRB (last updated 14 May) 

European Banking Authority - EBA (last updated 9 April) 

European Parliament (last updated 9 April) 

  • European Parliament President Sassoli issued a statement ahead of a Eurogroup meeting of finance ministers, urging governments to stand together to find shared ways of financing the post-crisis recovery. 
  • The European Parliament has compiled information on the measures proposed and taken at the EU or Euro Area level to mitigate the economic and social effects of Covid-19.

International Institutions

Financial Stability Board - FSB (last updated 15 April) 

  • The FSB has delivered an inital financial stability assessment to G20 finance ministers, highlighting distressed and deterorating credit market and liquidity conditions, but that post-2009 crisis reforms have resulted in functional derivatives markets and maintained bank lending to date. The assessment also highlights that a number of public policy measures have helped to ease liquidity and funding constraints across many member jurisdictions, but that the long-term impact of the worsening economic outlook has yet to materialse. 
  • The FSB has reprioritised its work programme for 2020, maintaining non-bank financial intermediation and payment efficiency as top priorities.  

Basel Committee for Banking Supervision - BCBS (last updated 9 April) 

  • BCBS has proposed to delay the implementation deadline of the final set of Basel III standards (‘Basel IV’) by one year, to 1 January 2023. 
  • BCBS and IOSCO have announced the deferral of final implementation phases of the margin requirements for non-centrally cleared derivatives.
  • Technical guidance on extraordinary measures introduced by jurisdictions in the Covid-19 crisis related to the treatment of loans and payment moratoria.

OECD (last updated 14 May) 

  • OECD global policy tracker of measures taken across all economic sectors to provide relief and support. 
  • The OECD Tax Administration published advice on business continuity considerations for tax administrations in order to support their cooperation efforts and better tackle the consequences of the COVID-19 outbreak.
  • global reference document containing the actions that national tax administrations are taking to support taxpayers. 

Financial Action Task Force - FATF (last updated 14 May)