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.
Britain is facing its worst recession in 300 years due to a national lockdown that has shuttered businesses and furloughed millions of employees, with losses on loans to companies set to rocket.
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