Regulatory Alerts2020-03-20
Added · Updated
Circular to Credit Institutions on IFRS9 in the context of the coronavirus (COVID-19) pandemic
The MFSA directs all credit institutions licensed under the Banking Act (Chapter 371 of the Laws of Malta) to follow the guidance contained in the ECB Banking Supervision letter regarding IFRS 9 application during the COVID-19 pandemic. This direction requires these institutions to apply the ECB's considerations for estimating expected credit losses, specifically concerning the collective assessment of significant increases in credit risk, the use of long-term macroeconomic forecasts, and macroeconomic forecasts for specific years. The MFSA will align its recommendations with EBA measures and provide support to these institutions accordingly. This guidance applies without prejudice to other applicable laws, regulations, and Rules.
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