{
  "title": "United Kingdom: Financial Sector Assessment Program-Vulnerabilities in NBFIs, Market-Based Finance, and Systemic Liquidity",
  "publication": "IMF Staff Country Reports, April 8, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/04/07/united-kingdom-financial-sector-assessment-program-vulnerabilities-in-nbfis-market-based-516267",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2022/04/07/united-kingdom-financial-sector-assessment-program-vulnerabilities-in-nbfis-market-based-516267",
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  "summary": "The Financial Sector Assessment Program (FSAP) carried out a focused review of the non-banks in the United Kingdom and systemic liquidity. It reviewed 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.",
  "sections": [
    {
      "heading": "Summary of the review",
      "content": "- The Financial Sector Assessment Program (FSAP) carried out a focused review of the non-banks in the United Kingdom and systemic liquidity.\n- The review covered five areas:\n  - (i) The overall NBFI system, its links to banks and the rest of the world;\n  - (ii) NBFI direct lending to the U.K. economy;\n  - (iii) Sterling investment funds (OEFs, AIFs, and MMFs);\n  - (iv) CCPs;\n  - (v) Systemic liquidity.\n- Regulatory aspects of NBFIs are covered in a parallel Technical Note (TN)."
    },
    {
      "heading": "Scope and definitions",
      "content": "- NBFIs are defined as all non-deposit-taking corporations, listed in Figure 1 (figure not reproduced here).\n- Limited coverage applied as follows:\n  - Pension Funds and Insurance Companies are covered to the extent they lend to the economy and interact with CCPs;\n  - Investment funds only to the extent of Sterling Funds;\n  - Broker-dealers only to the extent they interact with CCPs."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- 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\n- 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\n\n---\n\n Content in this bundle\n\n- Executive Summary and Key Recommendations\n  - Executive Summary and Key Recommendations (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary and Key Recommendations (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
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    "[Markdown version](/en/publications/cr/issues/2022/04/07/united-kingdom-financial-sector-assessment-program-vulnerabilities-in-nbfis-market-based-516267/index.md)",
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    "Published: April 8, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400206580.002",
    "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:",
    "Regulatory aspects of NBFIs are covered in a parallel Technical Note (TN).",
    "NBFIs are defined as all non-deposit-taking corporations, listed in Figure 1 (figure not reproduced here).",
    "Limited coverage applied as follows:",
    "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",
    "**Executive Summary and Key Recommendations**"
  ],
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