BCBS: an interim assessment of the Basel reforms in the light of Covid-19

The Basel Committee on Banking Supervision has published an interim assessment of the impact of the implemented Basel reforms in light of the Covid-19 pandemic: see here (pdf). While acknowledging the difficulties in distinguishing between the effect of the reforms and the monetary and policy actions taken by authorities, the report concludes that the reforms (in particular the increased quality and quantity of capital and liquidity) helped banks to absorb (so far) the impact of the pandemic - suggesting (the report states) the reforms have achieved their broad objective of strengthening the resiliency of the banking system.