In last year’s stress test, which featured a severe global recession that included a decline in home prices of over 20 percent, we projected the largest banks could collectively maintain capital ratios at more than double their minimum requirements—even after withstanding more than $ billion in losses.
And so, we urge you to capitalize on these developments. Crises also breed opportunities. And there is no time like the present to recalibrate strategies and fortify digital capabilities. The pandemic may seem insurmountable, but giants like you continue to take huge steps with government to ensure no one is left behind. We owe much to the microfinance community.