{
  "title": "Belgium: Financial System Stability Assessment",
  "publication": "IMF Staff Country Reports, March 8, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/03/08/belgium-financial-system-stability-assessment-45703",
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  "summary": "This paper assesses the stability of Belgium’s financial system. The financial sector remains resilient in the face of the rising cyclical vulnerabilities, but there is a need for closely monitoring risks.",
  "sections": [
    {
      "heading": "Executive summary and key findings",
      "content": "- The paper assesses the stability of Belgium’s financial system.\n- The financial sector remains resilient in the face of the rising cyclical vulnerabilities, but there is a need for closely monitoring risks.\n- Stress tests on banks and insurance companies confirm that they can absorb credit, sovereign, and market losses in the event of a severe deterioration in macro-financial conditions.\n- The risk of interbank contagion through direct exposures is low.\n- Insurance companies are generally resilient; losses incurred by those that belong to banking groups do not threaten the soundness of those groups."
    },
    {
      "heading": "Banks: resilience drivers",
      "content": "- Bank resilience reflects relatively healthy loan portfolios.\n- Banks have limited exposure to market and liquidity risks."
    },
    {
      "heading": "Insurance companies: resilience drivers",
      "content": "- Insurance companies have sound solvency levels.\n- Insurance exposures to guaranteed rates are reduced."
    },
    {
      "heading": "Risks, vulnerabilities, and monitoring",
      "content": "- Rising cyclical vulnerabilities warrant close monitoring of risks across the financial sector.\n- Key vulnerabilities tested include credit, sovereign, and market losses under severe macro-financial deterioration scenarios.\n- Interbank contagion risk through direct exposures is assessed as low."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subject: Banking, Commercial banks, Financial institutions, Financial services, Insurance companies, Loans, Mortgages, Shadow banking\n- Keywords include: asset, asset encumbrance, asset encumbrance ratio, assets of shadow bank, bank, bank assets, banking system assets, BNP Paribas, Commercial banks, CR, encumbrance ratio, Global, Insurance companies, interest rate, IRB bank, ISCR, Loans, mortgage, Mortgages, NBB, NBB regulation, peer bank, resilience to liquidity stress, return on equity\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\"}"
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    "Published: March 8, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484345733.002",
    "The paper assesses the stability of Belgium’s financial system.",
    "The financial sector remains resilient in the face of the rising cyclical vulnerabilities, but there is a need for closely monitoring risks.",
    "Stress tests on banks and insurance companies confirm that they can absorb credit, sovereign, and market losses in the event of a severe deterioration in macro-financial conditions.",
    "The risk of interbank contagion through direct exposures is low.",
    "Bank resilience reflects relatively healthy loan portfolios.",
    "Banks have limited exposure to market and liquidity risks.",
    "Insurance exposures to guaranteed rates are reduced.",
    "Rising cyclical vulnerabilities warrant close monitoring of risks across the financial sector.",
    "Key vulnerabilities tested include credit, sovereign, and market losses under severe macro-financial deterioration scenarios.",
    "Interbank contagion risk through direct exposures is assessed as low.",
    "Subject: Banking, Commercial banks, Financial institutions, Financial services, Insurance companies, Loans, Mortgages, Shadow banking",
    "Keywords include: asset, asset encumbrance, asset encumbrance ratio, assets of shadow bank, bank, bank assets, banking system assets, BNP Paribas, Commercial banks, CR, encumbrance ratio, Global, Insurance companies, interest rate, IRB bank, ISCR, Loans, mortgage, Mortgages, NBB, NBB regulation, peer bank, resilience to liquidity stress, return on equity",
    "**Country Report**"
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