{
  "title": "Russian Federation: Financial Sector Assessment Program: Technical Note-Stress Testing",
  "publication": "IMF Staff Country Reports, September 22, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/russian-federation-financial-sector-assessment-program-technical-note-stress-testing-44288",
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  "summary": "This Technical Note discusses the results of the stress testing carried out as part of the 2016 Financial Sector Assessment Program for the Russian Federation. The stress tests focused on banks, reflecting the structure of the Russian financial sector, which is relatively small and bank dominated.",
  "sections": [
    {
      "heading": "Summary and purpose",
      "content": "- Discusses results of the stress testing carried out as part of the 2016 Financial Sector Assessment Program for the Russian Federation.\n- Focused on banks, reflecting that the Russian financial sector is relatively small and bank dominated.\n- Concludes that the banking system is likely to need additional capital."
    },
    {
      "heading": "Key findings",
      "content": "- Even in the baseline scenario, certain banks will need new capital owing to low profitability and increasing credit losses.\n- Required resources are higher in the stress scenarios, but remain manageable.\n- If public funds are needed for recapitalization, there is sufficient fiscal space, provided that fiscal policy remains prudent."
    },
    {
      "heading": "Stress test scope and focus",
      "content": "- Sectoral focus: banks (reflecting bank-dominated financial sector).\n- Risk areas covered (as indicated by subject keywords): asset quality, asset growth, asset projection, impairment charge, loans, market risk, capital adequacy, correspondent banking, cross-border bank exposure, banking sector assets, banks' asset portfolio, system assets, and stress testing methodologies (including bottom-up results, CR, ISCR)."
    },
    {
      "heading": "Implications and policy considerations",
      "content": "- Capital adequacy: additional capital is likely needed across the banking system; targeted recapitalization may be required for certain banks in the baseline.\n- Stress scenarios: increase required recapitalization resources, though these remain manageable at the system level.\n- Fiscal policy: public recapitalization is feasible within existing fiscal space if fiscal policy remains prudent.\n\n---\n\n Content in this bundle\n\n- cr16306\n  - cr16306 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr16306 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 22, 2016",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475538441.002",
    "Discusses results of the stress testing carried out as part of the 2016 Financial Sector Assessment Program for the Russian Federation.",
    "Focused on banks, reflecting that the Russian financial sector is relatively small and bank dominated.",
    "Concludes that the banking system is likely to need additional capital.",
    "Even in the baseline scenario, certain banks will need new capital owing to low profitability and increasing credit losses.",
    "Required resources are higher in the stress scenarios, but remain manageable.",
    "If public funds are needed for recapitalization, there is sufficient fiscal space, provided that fiscal policy remains prudent.",
    "Sectoral focus: banks (reflecting bank-dominated financial sector).",
    "Risk areas covered (as indicated by subject keywords): asset quality, asset growth, asset projection, impairment charge, loans, market risk, capital adequacy, correspondent banking, cross-border bank exposure, banking sector assets, banks' asset portfolio, system assets, and stress testing methodologies (including bottom-up results, CR, ISCR).",
    "Capital adequacy: additional capital is likely needed across the banking system; targeted recapitalization may be required for certain banks in the baseline.",
    "Stress scenarios: increase required recapitalization resources, though these remain manageable at the system level.",
    "Fiscal policy: public recapitalization is feasible within existing fiscal space if fiscal policy remains prudent.",
    "**_cr16306**"
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