1. Foreword
I am pleased to present this Foreword to our fourth edition of the PRISM Supervisory Commentary. The purpose of the PRISM Supervisory Commentary is to inform all credit unions on the nature and type of risk issues identified arising from our 2019 supervisory engagements. In this edition of the Commentary, we set out evidence-based findings across the key risk areas and outline our associated supervisory expectations.
Firstly, I want to acknowledge that COVID-19 engenders unprecedented challenges for all of us. As noted in the Central Bank's second 2020 Quarterly Bulletin, the future path of the pandemic, in particular its scale and duration, is unknown, and, as a result, there is considerable uncertainty about both the potential depth and persistence of the downturn currently underway, and also the likely timing and speed of an eventual recovery. The credit union sector overall came into the crisis with a relatively strong financial position in terms of capital and liquidit
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