The UK central bank is scrapping its annual stress test for major banks due to the corona virus crisis. The Bank of England (BoE) wants banks to now focus on combating the damaging economic effects of the crisis and helping businesses and consumers with credit.

The stress test is being conducted among eight major UK banks. According to the BoE, the 2019 test showed that the UK banking system can withstand severe economic recessions in the UK and worldwide that are more severe than those of the financial crisis.