The Twin Shock: COVID-19 & the oil price war and implications for the banking sector

KPMG, Twin shock, banking sector, Covid-19, oil price

INTRODUCTION: COVID-19 is in the first place, a pandemic with potential serious implications for people’s health. It is an unprecedented challenge for our modern societies and health systems. The consequences of the pandemic for our global economy and financial sector are unpredictable. Economists are convinced that we are heading for a significant economic downturn; however, responses from Governments and Supervisors have been prompt and different measures have already been taken to sustain the economy, the banking sector and, ultimately, the people. At KPMG, we have analysed the current situation and…

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