Basel Committee meets; discusses impact of Covid-1
Basel Committee meets; discusses impact of Covid-19; reiterates guidance on buffers - bis.org
Basel Committee Press release "Basel Committee meets; discusses impact of Covid-19; reiterates guidance on buffers", 17 June 2020.
The Basel Committee met on 10 and 16 June 2020 to discuss a range of policy issues and to review the impact to date of the coronavirus disease (Covid-19) pandemic on the global banking system. The current crisis underscores the importance of a resilient banking system and a prudent regulatory framework. The measures taken by the Committee at the onset of the pandemic have helped mitigate some of the short-term financial stability risks. All members reaffirmed their expectation of full, timely and consistent implementation of all Basel III standards based on the revised timeline endorsed by the Group of Governors and Heads of Supervision. The pandemic has entered a new phase. The impact and response vary across jurisdictions and the global economic outlook remains uncertain. Banks and supervisors must remain vigilant to the risks and vulnerabilities stemming from the pandemic to ensure that the global banking system remains financially and operationally resilient. The Basel III framework includes capital buffers that sit above minimum requirements. These buffers have two objectives. First, to ensure that banks absorb losses in times of stress without breaching their minimum requirements. Second, to help maintain the flow of credit to the real economy in a downturn by lending to creditworthy businesses and households. Using capital resources to support the real economy and absorb losses should take priority at present. The Basel III framework also requires banks to hold a buffer of high-quality liquid assets. This buffer helps banks absorb liquidity-related shocks and maintain the flow of lending to the real economy. The Committee views a measured drawdown of banks' Basel III buffers to meet these objectives as both anticipated and appropriate in the current period of stress. Supervisors will provide banks sufficient time to restore buffers taking account of economic and market conditions and individual bank circumstances. The Committee reviewed the domestic regulatory and supervisory measures taken by members in response to the crisis and agreed to submit a stocktake of these measures to the Financial Stability Board (FSB) for their report to the G20 Finance Ministers and Central Bank Governors virtual meeting in July 2020. The Committee will continue to monitor the vulnerabilities and risks to the global banking system from Covid-19 and will pursue additional measures if needed. It will also continue to coordinate the work on cross-sectoral financial issues with the FSB and other standard-setting bodies. In addition to its discussion related to Covid-19, the Committee approved:
- final revisions to the credit valuation adjustment risk framework, which will be published in the coming weeks; and
- a technical amendment on the prudential treatment of non-performing loan securitisations, which will be published for consultation next week.
Other News Philippines
Steroid 'breakthrough' raises COVID-19 hopes » Manila Bulletin News - Manila Bulletin
The World Health Organization (WHO) on Tuesday hailed a “breakthrough” steroid treatment for the coronavirus, boosting hopes that pandemic deaths can be reduced, but a growing new cluster in China sparked fears of a second wave of infections.
By AFP and Analou De Vera The World Health Organization (WHO) on Tuesday hailed a breakthrough steroid treatment for the coronavirus, boosting hopes that pandemic deaths can be reduced, but a growing new cluster in China sparked fears of a second wave of infections. Dexamethasone, an inexpensive, on the shelf drug is being used to treat COVID-19 patients (AFP/ MANILA BULLETIN) Surging death tolls in the Americas and South Asia, plus a new cluster of cases in Beijing, have raised fresh doubts about how soon the world can bring the coronavirus disease (COVID-19) under control. In the latest sign of the economic toll, US Federal Reserve Chair Jerome Powell warned that the worlds biggest economy is unlikely to recover as long as there is significant uncertainty about the pandemic. But news of the first proven effective treatment for COVID-19, a widely available steroid, gave cause for fresh hope. This is great news and I congratulate the Government of the UK, the University of Oxford, and the many hospitals and patients in the UK who have contributed to this lifesaving scientific breakthrough, said WHO Director General Tedros Adhanom Ghebreyesus. Researchers led by a team from the University of Oxford administered the drug, dexamethasone, to more than 2,000 severely ill COVID-19 patients. Among those who could only breathe with the help of a ventilator, it reduced deaths by 35 percent. Dexamethasone is inexpensive, on the shelf, and can be used immediately to save lives worldwide, said Peter Horby, professor of Emerging Infectious Diseases in the Nuffield Department of Medicine at Oxford. Britains Health Secretary Matt Hancock said patients would start to receive the drug immediately. Not a magic pill DOH But the Philippine Department of Health (DOH) warned on Wednesday the public that dexamethasone is not a magic pill against the coronavirus disease (COVID-19), adding that it still needs to undergo a thorough study. Although they welcome the positive news about the steroid treatment dexamethasone which is being touted as a breakthrough in treating COVID-19 Health Undersecretary Maria Rosario Vergeire reminded the public that there is still no developed cure for the dreaded illness. People might think that this is the magic pill para sa [for] COVID, it is not, Vergeire told reporters on Wednesday. We have to tell the people that they should not go to drugstores to buy this keep them from getting infected by COVID-19. Everybody should understand this, she said in Filipino. The Filipino health official noted that the current study being done for dexamethasone is still in the preliminary stage and that it still needs to go through a peer review process or the evaluation of other medical professionals to prove its efficacy. Vergeire explained also noted that low dose of dexamethasone is found to be only effective to those with severe or critical cases of COVID-19, citing the study in the United Kingdom. They used this on people with severe and critical cases those in need of oxygen or are on ventilators, she said. We should remember that according to the study they only use it for severe and critical (cases) that is where it worked, she added. In a related development, Vergeire said the Fabunan antiviral injection (FAI) should not be considered as an effective cure for COVID-19 although it contains dexamethasone. Vergeire said that the FAI remains unregistered with the Food and Drug Administration. You have to register your product, they also need to register their product to have it undergo clinical trial to prove its efficacy. But until now, they have not yet submitted their application, said Vergeire.
Microsoft Just Gave A Billion Users A Reason To Quit Windows 10 - Forbes
Is this the end for many Windows 10 users?
06/17 Update below. This post was originally published on June 14 Windows 10 users have been having a roughtimefor alongtime. And now Microsoft has just shown why frustrated users should quit. Windows 10 has fundamental testing problems which may not be fixed SOPA Images/LightRocket via Getty Images MORE FROM FORBESWindows 10 'Game Mode' Problems Impact Call Of Duty: Warzone, Destiny 2, League Of Legends, MoreBy Gordon Kelly Picked up by Techdows, is something which may well be the final straw for many running Windows 10. While serious, the problem is not the latest bug, but how it got there and what it says about Microsofts fundamentally flawed process in building a reliable operating system. 06/16 Update: Credit to Microsoft, the company has now announced a major overhaul of its Windows testing strategy. The company is scrapping its confusing 'rings' program used by Windows Insiders and replacing it with 'channels'. This results in more conventional naming: Fast Ring > Dev Channel, Slow Ring > Beta Channel, Release Preview Ring > Release Preview Channel. Microsoft stresses these changes are now "Focusing on quality of the experience" and allow it to develop builds of Windows in parallel. This should give the company greater flexibility to release new features separate from builds, if that build has stability problems. This sounds good on paper, but the big issue is less the quality of Windows beta releases (bugs are inevitable) but how Microsoft monitors, and often ignores, the problems Windows Insiders report. Consequently, Microsoft needs to prove this latest endeavor is more than just a rebrand of its discredited Windows testing system. Time will tell. 06/17 Update: This story has now taken a further twist. In addition to the changes Microsoft has announced for its Windows testing program, the company has now announced changes to 'Fresh Start' - the latest problem missed by the company, despite Insiders flagging it for months. In a new support document, Microsoft has confirmed that the feature is now operational in a new location for all Windows 10 PCs running the May 2020 update. You can find it by navigating to:
- Settings > Update & Security > Recovery > Reset this PC > Get Started > select Keep my files > pick Cloud or Local > change your settings > set "Restore preinstalled apps to No