In its press release, the European central bank said:

• "ECB gives banks further flexibility in prudential treatment of loans backed by public support measures
• ECB encourages banks to avoid excessive procyclical effects when applying the IFRS 9 international accounting standard
• ECB activates capital and operational relief measures announced on March 12, 2020
• Capital relief amounts to €120 billion and could be used to absorb losses or potentially finance up to €1.8 trillion of lending"