Euro Area: Publication of Financial Sector Assessment Program Documentation-Technical Note on Systemic Risk Analysis-NBFI

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2025 Issue 211

Publication date: July 2025

ISBN: 9798229019859

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , securities financing transactions regulation , market scenario , alternative investment , liquidity management tool , management directive , markets authority , system-wide spillover , Liquidity , Stress testing , Mutual funds , Collateral , Liquidity stress testing , Global

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Summary

This note discusses the assessment of systemic risks within Non-Bank Financial Institutions (NBFIs) as part of the Financial Sector Assessment Program (FSAP) for the euro area (EA). It outlines the assessment of counterparty credit risk related to Central Counterparties (CCPs) and the potential system-wide spillovers from NBFI liquidity distress with a focus on the investment funds sector. In addition, spillovers to and from the insurance sector to the fund sector were quantified based on detailed EA insurers’ assets holdings and derivative positions.