Through NPL carve-out and strengthening of risk management practices, all of these banks have maintained NPL ratios of low single digits. In terms of corporate governance, boards are comprised of independent non-executive directors and full-time and dedicated directors who can provide strategic guidance for future development and effective checks and balances.
In the first half of 2020, the labour force contracted by almost 7% for people with low skills – who typically also have lower incomes – while it fell by 5.4% for those with medium skills and rose by 3.3% for those with high skills. This is double the loss of low-skilled jobs we saw in the six months after Lehman.