Banks To Face Climate Stress Test In June 2021, BoE Says

Law360, London (November 9, 2020, 12:17 PM GMT) -- The Bank of England said on Monday that it has set a date of June 2021 to stress-test the financial services sector to establish how well it can withstand climate change-related shocks after delaying the plan amid the COVID-19 chaos.

Andrew Bailey, BoE governor, also warned banks and other financial institutions that they should consider boosting their capital reserves to protect them against such risks.

"This year we have seen record wildfires in Australia and California, record-breaking temperatures in the Arctic Circle," Bailey said. "These are a striking reminder of the need for sustained action by government, public authorities and the...

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