With the end of the last financial crisis, a number of assumptions have emerged about potential threats that could once again hit so hard and threaten the stability of the financial system. However, the source of the shock ultimately came in health form with the emergence of a pandemic that was not predicted in any of the earlier analyzes. At the very beginning of the emergence of the coronavirus (COVID-19) and the manner as well as the speed with which it spreads, it became clear that it would have far-reaching consequences not only for human health and life but also for economic activity. Such a strong and sudden exogenous shock soon led to the closure or lockdown of most farms as a result of the adoption of a number of epidemiological measures aimed at preventing the spread of the virus by physical distancing. The pandemic affected the growth of systemic risks in many sectors of the economy, which in turn had an impact on the stability of the financial system as a whole. Given the complexity of the financial system, but also its extreme importance in any national economy, it was clear that the stability of the financial system will have to be preserved to the maximum at all costs. According to the law, the Croatian National Bank, as the central bank in Croatia, has the task of preserving the stability of the financial system. The aim is to present the systemic risks posed by the coronavirus pandemic in several sectors and their indirect, but also direct impact of the pandemic on financial stability. Finally, the Croatian National Bank adopted a series of monetary, supervisory and macroprudential measures aimed at preserving and mitigating the effects of COVID on financial stability and the functioning of the financial system as a whole. The recovery of the financial sector as well as the economy as a whole, despite the measures and moves taken, will depend primarily on the further course of the coronavirus.