Facing a geopolitical and energy crisis the outcomes of which are near-impossible to model, European lenders applied heavy overlays to loan-loss provisions in the first six months of the year – in much the same vein as when Covid-19 first swept Europe.

#### Investing

###### Pension funds brace for end of BoE intervention

Funds boost collateral buffers by as much as 300bp, as October 14 deadline looms