Credit, where is it due?

The extensive support provided by monetary and fiscal policy marks this crisis as a very different one for the banks. There has been no credit crunch, financial conditions remain easy and bank loan books, if anything, have been improved by the various funding and lending programmes. While there are restrictions in place on returning cash to shareholders, it looks difficult to justify maintaining these limitations throughout 2021. Despite the numerous structural challenges, in the short to medium-term the sector still presents opportunities.

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