Our task, as supervisors, is to ensure the country’s banks continue to meet that exacting standard. The Federal Reserve’s earliest COVID-related guidance, encouraging banks to work constructively with borrowers, was an important step toward this goal.
* * * Many thanks to the organisers for letting me participate remotely in this panel alongside such distinguished speakers. And thank you to the Chair of the panel for allowing me to open the discussion with some remarks on the importance of transition planning.