Banks to report fake virus profits

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I think I’m reading this right but it’s so bizarre that perhaps I’m missing something. Via Banking Day:

The unfolding economic crisis is throwing up curveballs for investors trying to grasp the logic behind emergency measures that will reshape the way banks report their financial results this year.

Bank of Queensland’s chief executive, George Frazis, yesterday tried his best to explain some of the odd-sounding accounting measures that will be applied in the second half of 2020 as borrowers take the opportunity to go on loan repayment holidays.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.