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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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.