New platforms that underwrite and process invoices due from large creditworthy payers may encourage bank and institutional financing for small and medium-sized enterprises.

The BRICS economies, which between them represent 40% of the world population and 32% of its GDP, are a powerful force for the private banking industry as their economic engines drive wealth creation. But they are all distinct markets with their own unique opportunities and challenges.

Different sovereign funds have approached Covid in different ways – drawdowns, contrarian investments, flights to safety and backstopping local raisings – but Ireland’s has perhaps been the most clearly defined.

Covid-19 may be the moment sovereign wealth funds were made for: a shocking disruption to national economies that calls for a stable, patiently invested buffer. Funds have reacted in different ways, but they’re all bigger, shrewder and hopefully smarter than they were during the GFC.

The near collapse of Ireland’s banks during the financial crisis did little to endear them to the nation. Now, as they return to profitability, the banks find themselves involved in another political controversy; this time over their attempts to sell off non-performing loans.