South Africa: Treatment of restructured credit exposures due to Covid-19 Pandemic
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The Prudential Authority (PA) indicates it is supportive of Covid-19 relief initiatives, such as payment holidays being offered by banks in order to provide relief to certain borrowers in the retail sector in an effort to mitigate the impact of the pandemic.
To further drive home its support, the PA has amended the requirements specified in Directive 7 of 2015 to provide temporary relief on the minimum capital requirements for banks, controlling companies and branches of foreign institutions relating to credit risk during this time.
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