{
  "title": "Luxembourg: Financial System Stability Assessment",
  "publication": "IMF Staff Country Reports, May 15, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/05/15/luxembourg-financial-system-stability-assessment-44907",
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  "summary": "This paper evaluates the stability of the financial system of Luxembourg. Financial soundness indicators for Luxembourg’s financial system, which plays a key role in the intermediation of financial capital, have remained relatively robust in recent years.",
  "publishDate": "2017-05-15",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- This paper evaluates the stability of the financial system of Luxembourg.\n- Financial soundness indicators for Luxembourg’s financial system, which plays a key role in the intermediation of financial capital, have remained relatively robust in recent years.\n- Following rising asset prices and inflows, the investment fund industry has enjoyed strong growth in assets under management, while exposure to liquid assets has remained steady.\n- An assessment of the financial system’s ability to withstand severe but plausible shocks suggests a good deal of resilience, albeit with some risks.\n- Insurance stress test results indicate that strong initial levels of capital and low guaranteed product exposure offer insulation against market shocks."
    },
    {
      "heading": "Key findings",
      "content": "- Financial soundness indicators remained relatively robust in recent years.\n- Investment fund industry:\n  - Experienced strong growth in assets under management following rising asset prices and inflows.\n  - Exposure to liquid assets has remained steady.\n- System-wide resilience:\n  - Stress testing of the financial system under severe but plausible shocks indicates a good deal of resilience, although some risks persist.\n- Insurance sector:\n  - Stress test results point to insulation against market shocks due to strong initial levels of capital and low guaranteed product exposure."
    },
    {
      "heading": "Scope and topics covered",
      "content": "- Subject classifications listed on the source:\n  - Banking\n  - Financial institutions\n  - Financial regulation and supervision\n  - Financial sector policy and analysis\n  - Insurance companies\n  - Liquidity requirements\n  - Liquidity stress testing\n  - Mutual funds\n  - Stress testing\n- Keywords provided on the source include:\n  - CR, finance minister, financial system, foreign exchange, Global, Insurance companies, investment fund assets, investment funds, ISCR, liquid asset, Liquidity requirements, Liquidity stress testing, Luxembourg insurance industry, Luxembourg subsidiary, Luxembourg-domiciled fund, money market fund, Mutual funds, short-term debt, Stress testing\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/05/15/luxembourg-financial-system-stability-assessment-44907"
    }
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    "Published: May 15, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484300374.002",
    "This paper evaluates the stability of the financial system of Luxembourg.",
    "Financial soundness indicators for Luxembourg’s financial system, which plays a key role in the intermediation of financial capital, have remained relatively robust in recent years.",
    "Following rising asset prices and inflows, the investment fund industry has enjoyed strong growth in assets under management, while exposure to liquid assets has remained steady.",
    "An assessment of the financial system’s ability to withstand severe but plausible shocks suggests a good deal of resilience, albeit with some risks.",
    "Insurance stress test results indicate that strong initial levels of capital and low guaranteed product exposure offer insulation against market shocks.",
    "Financial soundness indicators remained relatively robust in recent years.",
    "Investment fund industry:",
    "System-wide resilience:",
    "Insurance sector:",
    "Subject classifications listed on the source:",
    "Keywords provided on the source include:",
    "**Country Report**"
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