In the midst of the economic crisis following the coronavirus epidemic, the European Central Bank on Tuesday asked banks in the euro area not to pay dividends or buy back own shares until January to face the health crisis.

The European Central Bank on Tuesday asked euro area banks not to pay dividends or buy back own shares until January to face the health crisis linked to the coronavirus, according to a statement.

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The institution is thus extending by three months this “temporary and exceptional” recommendation which aims to “preserve the capacity of banks to absorb losses and support the economy in this particularly uncertain environment” initially issued in March.