In February 2020, the World Health Organisation announced the COVID-19 coronavirus to be a pandemic. The Australian government confirmed this to be the case on 27 February 2020.
Like other market participants, MaxCap is monitoring daily the impacts of the coronavirus outbreak and responding quickly and appropriately to changing circumstances. Having operated successfully through the Global Financial Crisis, we understand the demands of ongoing volatility in the market and the need to remain connected and confident. The current COVID-19 pandemic presents an unprecedented challenge in this regard; however, we have confidence in the high resilience of our investments and exceptional capability of our people.
Our most important concern is for the health and safety of our people: MaxCap staff, borrowers and investors. To that end, we are noting and following the advice of the Australian government and Chief Medical Officer to provide the right support. Additionally, we have enacted our Business Continuity Plan. This will involve operating our institutional grade investment platform remotely as required. We remain committed and confident in our ability to manage efficiently and effectively through this time.
MaxCap was established more than fourteen years ago, and during this period we have experienced the GFC and various other sector downturns. To date, we have completed excess of 330 transactions, constituting approximately $9 billion and have never failed to meet a term sheet for borrowers or to return full principal and interest to our investors. We have absolutely no intention to allow this pristine track record to be compromised.
Despite the current challenges, we remain resolute in our commitment to our clients and are confident in our ability to manage the challenges ahead with determination and purpose.