COVID 19 Emergency Policy Responses : Why Credit Reporting Matters in the Stabilization and Recovery Phases?

Firms and individual borrowers are experiencing a sharp decrease in income due to COVID-19 (coronavirus), making them unable to meet their credit obligations. Governments, Central Banks and financial sector regulators across the globe have proactiv...

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Main Authors:	Masunda, Collen, Sankaranarayanan, Shalini, Chhabra, Pratibha, Fraboni, Fabrizio, Salamina, Luz Maria
Format:	Policy Note
Language:	English
Published:	World Bank, Washington, DC 2020
Subjects:	CREDIT REPORTING SYSTEM FINANCIAL SECTOR POLICY CREDIT INFORMATION SYSTEM SMALL BUSINESS LOAN CORONAVIRUS COVID-19 PANDEMIC RESPONSE FINANCIAL LITERACY FINANCIAL REGULATION
Online Access:	http://documents.worldbank.org/curated/en/446871590005299037/COVID-19-Emergency-Policy-Responses-Why-Credit-Reporting-Matters-in-the-Stabilization-and-Recovery-Phases http://hdl.handle.net/10986/33814

id	okr-10986-33814
recordtype	oai_dc
spelling	okr-10986-338142021-05-25T09:56:32Z COVID 19 Emergency Policy Responses : Why Credit Reporting Matters in the Stabilization and Recovery Phases? Masunda, Collen Sankaranarayanan, Shalini Chhabra, Pratibha Fraboni, Fabrizio Salamina, Luz Maria CREDIT REPORTING SYSTEM FINANCIAL SECTOR POLICY CREDIT INFORMATION SYSTEM SMALL BUSINESS LOAN CORONAVIRUS COVID-19 PANDEMIC RESPONSE FINANCIAL LITERACY FINANCIAL REGULATION Firms and individual borrowers are experiencing a sharp decrease in income due to COVID-19 (coronavirus), making them unable to meet their credit obligations. Governments, Central Banks and financial sector regulators across the globe have proactively intervened to support the credit markets and avert a possible credit freeze by introducing unprecedented measures such as regulatory forbearance (includes moratoria on repayments, extension of past-due days). Given the interplay between fiscal, monetary and prudential policies, there is need for a coordinated and holistic approach to policy formulation and implementation to increase the likelihood of success of these measures in the longer term. For example, it is important that measures be carefully implemented, mindful of the implications on the credit information cycle because inaccurate and untimely data may delay recovery from the crisis. Properly functioning credit reporting systems can assist in the stabilization and recovery phases through supporting private sector credit granting, minimizing cost of public intervention, data driven policy formulation, credit classifications and IFRS 9 ECL computations. 2020-05-27T15:30:15Z 2020-05-27T15:30:15Z 2020-05-12 Policy Note http://documents.worldbank.org/curated/en/446871590005299037/COVID-19-Emergency-Policy-Responses-Why-Credit-Reporting-Matters-in-the-Stabilization-and-Recovery-Phases http://hdl.handle.net/10986/33814 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Policy Note
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	CREDIT REPORTING SYSTEM FINANCIAL SECTOR POLICY CREDIT INFORMATION SYSTEM SMALL BUSINESS LOAN CORONAVIRUS COVID-19 PANDEMIC RESPONSE FINANCIAL LITERACY FINANCIAL REGULATION
spellingShingle	CREDIT REPORTING SYSTEM FINANCIAL SECTOR POLICY CREDIT INFORMATION SYSTEM SMALL BUSINESS LOAN CORONAVIRUS COVID-19 PANDEMIC RESPONSE FINANCIAL LITERACY FINANCIAL REGULATION Masunda, Collen Sankaranarayanan, Shalini Chhabra, Pratibha Fraboni, Fabrizio Salamina, Luz Maria COVID 19 Emergency Policy Responses : Why Credit Reporting Matters in the Stabilization and Recovery Phases?
description	Firms and individual borrowers are experiencing a sharp decrease in income due to COVID-19 (coronavirus), making them unable to meet their credit obligations. Governments, Central Banks and financial sector regulators across the globe have proactively intervened to support the credit markets and avert a possible credit freeze by introducing unprecedented measures such as regulatory forbearance (includes moratoria on repayments, extension of past-due days). Given the interplay between fiscal, monetary and prudential policies, there is need for a coordinated and holistic approach to policy formulation and implementation to increase the likelihood of success of these measures in the longer term. For example, it is important that measures be carefully implemented, mindful of the implications on the credit information cycle because inaccurate and untimely data may delay recovery from the crisis. Properly functioning credit reporting systems can assist in the stabilization and recovery phases through supporting private sector credit granting, minimizing cost of public intervention, data driven policy formulation, credit classifications and IFRS 9 ECL computations.
format	Policy Note
author	Masunda, Collen Sankaranarayanan, Shalini Chhabra, Pratibha Fraboni, Fabrizio Salamina, Luz Maria
author_facet	Masunda, Collen Sankaranarayanan, Shalini Chhabra, Pratibha Fraboni, Fabrizio Salamina, Luz Maria
author_sort	Masunda, Collen
title	COVID 19 Emergency Policy Responses : Why Credit Reporting Matters in the Stabilization and Recovery Phases?
title_short	COVID 19 Emergency Policy Responses : Why Credit Reporting Matters in the Stabilization and Recovery Phases?
title_full	COVID 19 Emergency Policy Responses : Why Credit Reporting Matters in the Stabilization and Recovery Phases?
title_fullStr	COVID 19 Emergency Policy Responses : Why Credit Reporting Matters in the Stabilization and Recovery Phases?
title_full_unstemmed	COVID 19 Emergency Policy Responses : Why Credit Reporting Matters in the Stabilization and Recovery Phases?
title_sort	covid 19 emergency policy responses : why credit reporting matters in the stabilization and recovery phases?
publisher	World Bank, Washington, DC
publishDate	2020
url	http://documents.worldbank.org/curated/en/446871590005299037/COVID-19-Emergency-Policy-Responses-Why-Credit-Reporting-Matters-in-the-Stabilization-and-Recovery-Phases http://hdl.handle.net/10986/33814
_version_	1764479572086095872

COVID 19 Emergency Policy Responses : Why Credit Reporting Matters in the Stabilization and Recovery Phases?

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