June 8, 2020 / 4:42 PM / a month ago

BoE sees no need to act after EU bank dividend advice

FILE PHOTO: People wearing masks walk past the Bank of England, as the spread of the coronavirus disease (COVID-19) continues, in London, Britain, March 23, 2020. REUTERS/Toby Melville/File Photo

LONDON (Reuters) - The Bank of England said it saw no need for it to take further action on financial institutions’ dividends, after the European Union’s European Systemic Risk Board recommended restraint on payouts to shareholders on Monday.

“The Bank and the Prudential Regulation Authority have previously announced a number of measures to ensure the resilience of the financial system and financial market infrastructures,” the BoE said.

“The Bank and PRA do not consider it necessary to extend this guidance further at this time,” it added.

Reporting by David Milliken; Editing by Alistair Smout

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