{
  "title": "Switzerland: Financial Sector Assessment Program-Technical Note on Financial Safety Net and Crisis Management Arrangements",
  "publication": "IMF Staff Country Reports, November 13, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/11/13/switzerland-financial-sector-assessment-program-technical-note-on-financial-safety-net-and-571804",
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  "summary": "A strong legal framework and a well-coordinated financial safety net are of critical importance for the stability of the Swiss financial system.",
  "publishDate": "2025-11-13",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary / key findings",
      "content": "- A strong legal framework and a well-coordinated financial safety net are of critical importance for the stability of the Swiss financial system.\n- The Swiss National Bank (SNB), the Swiss Financial Market Supervisory Authority (FINMA), and the Federal Department of Finance (FDF) play vital roles in:\n  - overseeing monetary policy,\n  - supervising financial markets, and\n  - implementing financial stability policies and measures.\n- The efforts of the SNB, FINMA, and FDF for a coordinated approach to preventing and containing future crises need to be stepped up and backed by a stronger legal framework."
    },
    {
      "heading": "Major themes and analysis",
      "content": "- Institutional roles and responsibilities\n  - SNB: monetary policy and lender-of-last-resort functions relevant to financial stability and liquidity support.\n  - FINMA: supervision of financial markets and resolution authority responsibilities.\n  - FDF: fiscal and legal policy leadership relevant to crisis management arrangements.\n- Legal framework\n  - The note emphasizes the need for a stronger legal foundation to support coordinated crisis prevention and containment measures.\n- Crisis management and financial safety net components\n  - Focus areas include collateral, liquidity support, lender of last resort arrangements, and crisis management/ resolution tools.\n  - The document addresses implications from recent cases such as Credit Suisse in its consideration of crisis management arrangements."
    },
    {
      "heading": "Policy recommendations (summary)",
      "content": "- Strengthen the legal framework underpinning crisis management to clarify authorities, tools, and coordination mechanisms among SNB, FINMA, and FDF.\n- Enhance coordination processes among the SNB, FINMA, and FDF for prevention, preparedness, and response to financial crises.\n- Ensure operational readiness for liquidity support and resolution measures, including clear collateral and infrastructure arrangements."
    },
    {
      "heading": "Subject matter and keywords",
      "content": "- Subject: Collateral, Crisis management, Financial crises, Financial institutions, Financial sector policy and analysis, Financial sector stability, Lender of last resort\n- Keywords: Collateral, credit Suisse, Crisis management, Financial sector stability, Global, IMF staff, infrastructure ordinance, Lender of last resort, liquidity support, staff team\n\n---\n\n Content in this bundle\n\n- 1cheea2025006-source-pdf\n  - 1cheea2025006-source-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1cheea2025006-source-pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2025/11/13/switzerland-financial-sector-assessment-program-technical-note-on-financial-safety-net-and-571804"
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    "Published: November 13, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229031172.002",
    "A strong legal framework and a well-coordinated financial safety net are of critical importance for the stability of the Swiss financial system.",
    "The Swiss National Bank (SNB), the Swiss Financial Market Supervisory Authority (FINMA), and the Federal Department of Finance (FDF) play vital roles in:",
    "The efforts of the SNB, FINMA, and FDF for a coordinated approach to preventing and containing future crises need to be stepped up and backed by a stronger legal framework.",
    "Institutional roles and responsibilities",
    "Legal framework",
    "Crisis management and financial safety net components",
    "Strengthen the legal framework underpinning crisis management to clarify authorities, tools, and coordination mechanisms among SNB, FINMA, and FDF.",
    "Enhance coordination processes among the SNB, FINMA, and FDF for prevention, preparedness, and response to financial crises.",
    "Ensure operational readiness for liquidity support and resolution measures, including clear collateral and infrastructure arrangements.",
    "Subject: Collateral, Crisis management, Financial crises, Financial institutions, Financial sector policy and analysis, Financial sector stability, Lender of last resort",
    "Keywords: Collateral, credit Suisse, Crisis management, Financial sector stability, Global, IMF staff, infrastructure ordinance, Lender of last resort, liquidity support, staff team",
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