2020 Resolution Report

The COVID-19 pandemic tested the financial system and confirmed the importance of ongoing work on resolvability, including for central counterparties (CCPs). Financial institutions entered the COVID-19 crisis in a more resilient state than they did the 2008 financial crisis. Improved capabilities for monitoring the financial condition of firms and for cooperation and communication in a crisis, although not yet perfect, served authorities well.

This is the ninth report on the implementation of resolution reforms. The report takes stock of progress made by FSB members in implementing reforms and summarises findings from the FSB’s monitoring of resolvability across the banking, financial market infrastructure, and insurance sectors. It discusses lessons learnt from the onset of the COVID-19 pandemic, the progress in implementing the FSB’s resolution policies for banking, Central Counterparties (CCPs) and insurance; and actions and timelines going forward.