“We have adapted our supervisory requirements in light of the crisis.” With these words, BaFin President Felix Hufeld outlined the many temporary measures that the authority has taken as a result of the coronavirus pandemic. This was part of his statement on the occasion of BaFin’s press conference on 12 May.
To give an example, BaFin has allowed banks to make use of the capital buffers they are required to build in good times for hard times. The measures that BaFin has taken are mainly aimed at providing relief to institutions so that they can rapidly allocate their own funds and the public funds that have been made available to those who need it. In addition, the measures are also aimed at strengthening institutions to ensure that they are able to cushion against potential credit defaults to the best extent possible.
Due to the coronavirus pandemic, the press conference was held over the phone for the first time. Hufeld’s colleagues on the Executive Board – Béatrice Freiwald, Elisabeth Roegele, Dr Frank Grund, Dr Thorsten Pötzsch and Raimund Röseler – joined the conference as well.
BaFin also published its 2019 Annual Report (only available in German) on its website on 12 May.