United Kingdom: Financial Sector Assessment Program-Vulnerabilities in NBFIs, Market-Based Finance, and Systemic Liquidity

International Monetary Fund

No 2022/103, IMF Staff Country Reports from International Monetary Fund

Abstract: The Financial Sector Assessment Program (FSAP) carried out a focused review of the non-banks in the United Kingdom and systemic liquidity. It reviewed five areas: (i) The overall NBFI system, its links to banks and the rest of the world; (ii) NBFI direct lending to the U.K. economy; (iii) Sterling investment funds (OEFs, AIFs, and MMFs); (iv) CCPs; and (v) Systemic liquidity. The NBFIs are defined as all non-deposit-taking corporations, listed in Figure 1, and with the following limited coverage: Pension Funds and Insurance Companies are covered to the extend they lend to the economy and interact with CCPs; Investment funds only to the extent of Sterling Funds; and broker-dealers only to the extent they interact with CCPs. Regulatory aspects of NBFIs are covered in a parallel Technical Note (TN).

Keywords: liquidity mismatch; financial leverage; market liquidity; central bank liquidity Support; FX swap lines; Liquidity; Nonbank financial institutions; Stress testing; Financial statements; Corporate bonds; Global; Europe (search for similar items in EconPapers)
Pages: 62
Date: 2022-04-08
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