The second key aspect in respect of covering shortfalls is timing. The relevant recapitalisation actions will only be considered credible and effective if they are carried out swiftly, after the publication of results.
Even ahead of the COVID event, in my role as chair of the FSB, I formed a high-level group of central  -3bankers and market regulators to oversee and coordinate work on NBFI—which, by March, was clearly a fortunate decision.