## 2024 FSAP Schedule

## Source details

**Canonical URL:** [2024 FSAP Schedule](https://www.imf.org/-/media/files/publications/fsap/fsap-schedule-2024.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/fsap/fsap-schedule-2024.pdf.md)
- [Structured JSON version](/-/media/files/publications/fsap/fsap-schedule-2024.pdf.json)

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### Overview
- The 2024 FSAP includes eight economies with systemically important financial sectors that are reviewed every five years: China, India, Indonesia, Japan, Luxembourg, Netherlands, Saudi Arabia, and Spain.
- Two additional assessments were requested by the countries themselves: Kazakhstan and Bolivia.

### China
- The China FSAP will consider risks and vulnerabilities facing the second largest financial system in the world, including:
  - five GSIBs
  - more than 300 percent of GDP in bank assets
  - an extensive nonbank financial sector
- Context and focus:
  - Takes place amid moderating growth, large local government debt overhang, and a property market slowdown.
  - Assessing readiness of the crisis management and safety net framework.
  - Evaluating systemic liquidity management and financial stability oversight frameworks.
  - Assessing strength of bank, insurance, securities and NBFI supervision, and supervision of very large “big tech” firms unique to China.

### India
- Context:
  - Economy growing the fastest among major advanced and emerging markets.
  - Since the last FSAP in 2017, the government significantly recapitalized and consolidated state-owned banks.
  - Fintech flourished and improved access to finance, helped by the world-class digital public infrastructure.
- FSAP will assess:
  - System risks and vulnerabilities, regulation and supervision framework, and crisis management and safety net arrangements.
  - Three key themes:
    - New risks and oversight challenges from the rise in nonbank financial intermediation and their linkages to the dominant banking sector and among themselves.
    - Adapting the role of the state in the financial system to better serve India’s contemporary growth model.
    - Emerging risks from digitalization, especially cybersecurity challenges, and climate change.

### Indonesia
- System structure:
  - Financial system dominated by banks, half of them owned by the state.
- FSAP focus:
  - Assess and grade effectiveness of supervision based on international standards.
  - Check robustness of the safety net and crisis management framework.
  - Risk analyses focusing on bank stress tests, interconnectedness and climate analysis.
  - Coverage of macroprudential toolkit, especially on corporates, and the sovereign-bank nexus.

### Japan
- System characteristics:
  - One of the largest and well-integrated financial systems in the world.
  - Has withstood recent shocks including the COVID-19 pandemic, aided by strong capital and liquidity buffers and extensive policy support.
- Context and FSAP focus:
  - Comes amid high domestic macroeconomic uncertainty and a challenging external environment.
  - Will assess resilience to hypothetical increases in foreign and domestic interest rates, and high financial market volatility.
  - Will evaluate quality of financial sector oversight and crisis management.
  - Will examine regulatory and supervisory frameworks for climate change, cyber security, and fintech challenges.

### Luxembourg
- System characteristic:
  - Investment funds with assets over 70 times GDP dominate a large and complex financial system.
- FSAP will:
  - Assess whether banks, investment funds and insurers have sufficient buffers against a hypothetically deep recession, higher borrowing costs and real estate price declines.
  - Evaluate authorities’ quality of supervising liquidity and interest rate risks.
  - Review adequacy of the crisis management framework and the macroprudential policy toolbox.

### Netherlands
- Focus areas:
  - Three cross-cutting themes — housing, non-banks, and climate.
- Context and rationale:
  - Elevated housing prices.
  - Large and interconnected nonbanks with major pension reforms underway.
  - Climate challenges associated with sea-level rise and more frequent extreme rainfall.

### Saudi Arabia
- Context:
  - Economy undergoing a rapid state-led transformation toward non-oil growth.
- FSAP will assess:
  - Authorities’ institutional and operational framework for sustaining financial stability in the context of the state-led transition and rapidly growing real estate sector.
  - Adequacy of banks’ solvency and liquidity buffers under stressed scenarios.
  - Systemic liquidity management framework, sectoral vulnerabilities, effectiveness of regulation and supervision, and availability of safety nets.

### Spain
- Focus:
  - Assess resilience of the country’s large and internationally active banking sector exposed to vulnerabilities in key domestic sectors and major foreign markets amid elevated uncertainties.
- FSAP will analyze:
  - Financial stability oversight and crisis management framework, and policies to anticipate, address and attenuate risks.
  - Key policy areas: macroprudential policies framework and tools; supervision of less significant banks and of fintech and cyber security risks; oversight of domestically significant financial market infrastructures; and financial crisis management.

### Kazakhstan
- System profile:
  - Total assets at around 60 percent of GDP; financial system relatively small and dominated by banks.
- 2024 FSAP assessment findings:
  - Banking system appears adequately capitalized and liquid in aggregate.
  - Economic and financial systems are exposed to transition risk from domestic and – even more – global decarbonization policies.
  - Banking supervision has become more risk-based, but related party transactions remain challenging to monitor and consolidated supervision is still incomplete.
  - Gaps remain in the financial safety net and crisis management arrangements.

### Bolivia
- System profile:
  - Financial system dominated by banks, with total assets amounting to 90 percent of GDP.
  - Nonbank financial sector relatively small, except for the public pension fund, which plays a critical role as an institutional investor.
- FSAP findings and work:
  - Identified and quantified financial sector risks and vulnerabilities through a series of stress tests.
  - Evaluated authorities’ capacity to monitor system risks and the macroprudential framework.
  - Assessed the financial safety net and crisis management arrangements.

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_Source: https://www.imf.org/-/media/files/publications/fsap/fsap-schedule-2024.pdf_