This was important to limit failures of businesses with good long-term income prospects, and prevent mortgage defaults and foreclosures for borrowers facing temporary decreases in income. We of course would not have been able to announce any of these initiatives without the close working relationships with industry and the whole of government.
We thank the industry for the open dialogue during this time and the numerous supervisory meetings held throughout lockdown. It is indeed times like these when strong relationships are called upon to facilitate the difficult, but necessary, discussions. Bank lending activity The banking industry faces many emerging challenges – not least, retaining its social licence to operate.