Covid policy risk hangs over bank stress tests

Banks and regulators are second-guessing the policy response to new outbreaks

When the economic toll of the Covid-19 pandemic first became evident, banks braced for a potentially devastating hit to their loan books. The wave of delinquencies and defaults never came, thanks to an extraordinary government response that included income support and moratoria on mortgages and small business loans. 

But eventually, these emergency measures will come to an end. Banks and regulators are now grappling with what that will mean for their loan portfolios – a tall task, given the

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