5  7  increasing of group exposure norms; restructuring of advances to micro, small, and medium enterprises (MSMEs); and reduction of the liquidity coverage ratio (LCR) requirements, to mention the main initiatives. These steps provided a temporary reprieve to borrowers affected by the pandemic and shored up the health of lending institutions, thereby preserving the resilience of the financial system.
U.S. exports to Thailand, the Philippines, Indonesia, and Malaysia (the four countries initially affected) were about 4 percent of total U.S. exports in 1996. However, an additional 12 percent went to Hong Kong, Korea, Singapore and Taiwan (economies that have been affected more recently).