## United Kingdom: Financial Sector Assessment Program-Vulnerabilities in NBFIs, Market-Based Finance, and Systemic Liquidity

_IMF Staff Country Reports, April 8, 2022_

## Source details

**Canonical URL:** [United Kingdom: Financial Sector Assessment Program-Vulnerabilities in NBFIs, Market-Based Finance, and Systemic Liquidity](https://www.imf.org/en/publications/cr/issues/2022/04/07/united-kingdom-financial-sector-assessment-program-vulnerabilities-in-nbfis-market-based-516267)

## Other formats

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## Bibliographic details
- Published: April 8, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400206580.002

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### 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

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## Content in this bundle

- **Executive Summary and Key Recommendations**
  - [Executive Summary and Key Recommendations (Markdown version)](/-/media/files/publications/cr/2022/english/1gbrea2022004.pdf.md){rel="alternate" type="text/markdown"}
  - [Executive Summary and Key Recommendations (PDF)](/-/media/files/publications/cr/2022/english/1gbrea2022004.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2022/04/07/united-kingdom-financial-sector-assessment-program-vulnerabilities-in-nbfis-market-based-516267_