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COVID-19 Industry Pulse Report: Banking
Executive Summary
The unprecedented humanitarian effect of the COVID-19 crisis comes along with a potential economic downturn. We are in unchartered territory that is beset with further shocks both to the local and the global economy, however what is clear is that the road to recovery will be an uphill one. Addressing a volatile situation like this requires coordinated actions across all levels and stakeholders. Banks will have a critical role to play as a conduit for liquidity into the economy.
The EY Cyprus Survey conducted during the period 6-13 April captures the realistic collective sense of the industry sentiment and expectations of this crisis, the views of bank executives and leaders in relation to the response measures to date and their insights with regards to recovery scenarios and trends. The Banking sector Pulse report combines all these and provides sector-specific perspective with regards to the impact of COVID-19.
We remain available to support you in addressing the undeniably multiple challenges surfacing as a result of the COVID crisis.
Stay safe and connected.
For additional information with respect to this Alert, please contact the following:
Stelios Demetriou
Partner, Strategy and Transactions
+357 22 209 746
+357 99 629 728
Savvas Pentaris
Partner, Head of Financial Services
+357 22 209 737
Andreas Socratous
Senior Manager, Strategy and Transactions
+357 22 209 858
+357 95 561 610
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EY is a global leader in assurance,tax,transaction and advisory services.The insights and quality services we deliver help build trust and confidence in thecapital markets and in economies the world over. We develop outstanding leaders who team to deliver on ourpromises to all of our stakeholders.In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
For more information about our organization, please visit ey.com © 2020Ernst&YoungCyprusLtd All rights reserved. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com/cy