United Kingdom: Financial Sector Assessment Program-Vulnerabilities in NBFIs, Market-Based Finance, and Systemic Liquidity
IMF Staff Country Reports, April 8, 2022
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- United Kingdom: Financial Sector Assessment Program-Vulnerabilities in NBFIs, Market-Based Finance, and Systemic Liquidity
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Bibliographic details
- Published: April 8, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400206580.002
Summary of the review
- The Financial Sector Assessment Program (FSAP) carried out a focused review of the non-banks in the United Kingdom and systemic liquidity.
- The review covered five areas:
- (i) The overall NBFI system, its links to banks and the rest of the world;
- (ii) NBFI direct lending to the U.K. economy;
- (iii) Sterling investment funds (OEFs, AIFs, and MMFs);
- (iv) CCPs;
- (v) Systemic liquidity.
- Regulatory aspects of NBFIs are covered in a parallel Technical Note (TN).
Scope and definitions
- NBFIs are defined as all non-deposit-taking corporations, listed in Figure 1 (figure not reproduced here).
- Limited coverage applied as follows:
- Pension Funds and Insurance Companies are covered to the extent they lend to the economy and interact with CCPs;
- Investment funds only to the extent of Sterling Funds;
- Broker-dealers only to the extent they interact with CCPs.
Subject areas and keywords
- Subjects: Asset and liability management, Corporate bonds, Financial institutions, Financial sector policy and analysis, Financial statements, International organization, Liquidity, Monetary policy, Nonbank financial institutions, Public financial management (PFM), Stress testing
- Keywords: central bank liquidity Support, Corporate bonds, Europe, financial leverage, Financial statements, FX swap lines, Global, Liquidity, liquidity mismatch, market liquidity, Nonbank financial institutions, Stress testing
Content in this bundle
- Executive Summary and Key Recommendations