FILE PHOTO: A person wearing a mask walks past the Bank of England in London, Britain, March 23, 2020. REUTERS/Toby Melville/File PhotoLONDON:
The stakes are high: underestimate the risks and bank bosses and shareholders could be in for a nasty jump in losses, overestimate them and banks could rein in lending when it is needed most. That leaves nearly US$100 billion outstanding at a time when banks also face wider defaults on their corporate loans and plunging income due to near-zero interest rates.
The question is particularly pressing for British banks because of the speed and scale with which the scheme was put in place in Britain and then taken up.
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