June 4, 2020 / 6:19 AM / a month ago

Bank of England asks banks to estimate pandemic loan losses

LONDON, June 4 (Reuters) - The Bank of England will gather more information from banks on their likely losses on loans due to the pandemic, its deputy governor Sam Woods said on Thursday.

The BoE’s Prudential Regulation Authority will gather the data ahead of banks’ second quarter earnings to compare the timing and amount of losses with those it modelled last month.

“This information will enable us to identify any significant outliers and to further refine our estimates for future capital exercises,” Woods said in a letter to banks. (Reporting by Huw Jones; Editing by Andrew Heavens)

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