“Amid the Covid-19 pandemic crisis, with a view to supporting non-bank financial institutions to use the existing resources for the proper functioning of operational activities, the plan to implement the IFRS by these entities is postponed by one year.” it said in a statement released Monday.
The committee, which met on May 8 by written procedure, also recommended that the central bank maintain the counter-cyclical buffer rate at zero percent, considering that total indebtedness currently remains below the signaling threshold and setting a counter-cyclical buffer rate above zero percent is not necessary.
“Given the objective of the counter-cyclical capital buffer in the current context of the Covid-19 crisis, such an additional capital requirement is not warranted,” it said.
The Committee for Macroprudential Oversight was established in 2017 to oversee the national financial system and brings together representatives of the central bank, the financial supervisory authority and the government.