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

International Monetary Fund

No 2025/211, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: 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 (search for similar items in EconPapers)
Pages: 55
Date: 2025-07-25
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