February 27, 2020 / 4:38 PM / a month ago

Basel tells banks to prepare for coronavirus "shocks"

LONDON, Feb 27 (Reuters) - Banks and their regulators should be ready to share information cross-border in an effective way as the coronavirus epidemic evolves, the Basel Committee of banking regulators said on Thursday.

The committee of regulators from the world’s main financial centres said it met on Wednesday and Thursday and discussed the financial stability implications of the coronavirus outbreak for the banking system.

“The Committee encourages banks and supervisors to remain vigilant in light of the evolving situation and notes the importance of effective cross-border information sharing and cooperation when dealing with such shocks,” the committee said in a statement.

Reporting by Huw Jones; editing by Carolyn Cohn

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