ECB asks banks to halt dividends over virus crisis

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'The ECB expects banks' shareholders to join this collective effort.'

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The ECB's suggestion is likely to be welcomed by eurozone citizens, many of whom vividly remember the taxpayer bailouts of global banks during the 2008-2009 financial crisis.

He estimated that compliance with the ECB's proposal would keep an extra 30 billion euros of capital in the financial system.While many eurozone banks may be able to hold off on their 2020 dividend payments, some have already paid out those for 2019 or have committed to doing so. That includes a"big bazooka" scheme to buy an additional 750 billion euros in government and corporate bonds this year to keep cash flowing through the financial system.

The ECB warned earlier this month that it expected banks"to use the positive effects coming from these measures to support the economy" and not to increase dividends or bonus payouts.

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