{
  "title": "Switzerland: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis and Stress Testing",
  "publication": "IMF Staff Country Reports, November 24, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/11/24/switzerland-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-572041",
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  "summary": "The Swiss financial system has navigated turbulent times since the 2019 FSAP. The COVID 19 pandemic, geopolitical conflicts, and the collapse of Credit Suisse (CS) in 2023—previously the second largest G-SIB relative to domestic GDP in the world—have tested the resilience of the Swiss financial center and the economy. Financial stability has been maintained, even though the government-assisted merger between UBS and CS, entailing significant contingent fiscal liabilities, has undermined the credibility of the Too-Big-To-Fail (TBTF) regime and revealed gaps in supervision, resolution, and crisis management in Switzerland.",
  "publishDate": "2025-11-24",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Overview and context",
      "content": "- Publication date: November 24, 2025\n- Core observation: The Swiss financial system has navigated turbulent times since the 2019 FSAP.\n- Key shocks highlighted:\n  - The COVID 19 pandemic\n  - Geopolitical conflicts\n  - The collapse of Credit Suisse (CS) in 2023—previously the second largest G-SIB relative to domestic GDP in the world\n- Major outcome: Financial stability has been maintained despite significant events and interventions."
    },
    {
      "heading": "Major findings",
      "content": "- Government-assisted merger between UBS and CS:\n  - Entailed significant contingent fiscal liabilities.\n  - Undermined the credibility of the Too-Big-To-Fail (TBTF) regime.\n  - Revealed gaps in supervision, resolution, and crisis management in Switzerland.\n- System resilience:\n  - Despite shocks listed above, the Swiss financial center and the economy remained stable through the period covered."
    },
    {
      "heading": "Thematic coverage (as indexed)",
      "content": "- Subjects covered in the technical note:\n  - Expenditure\n  - Financial institutions\n  - Financial sector policy and analysis\n  - Insurance\n  - Labor\n  - Mortgages\n  - Pension spending\n  - Pensions\n  - Solvency\n  - Stress testing\n- Keywords (as provided):\n  - banking system profitability\n  - coverage ratio\n  - financial system structure\n  - Global\n  - Insurance\n  - Mortgages\n  - Pension spending\n  - Pensions\n  - Solvency\n  - solvency risk\n  - solvency stress test\n  - Stress testing\n\n---\n\n Content in this bundle\n\n- 1cheea2025011-source-pdf\n  - 1cheea2025011-source-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1cheea2025011-source-pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2025/11/24/switzerland-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-572041"
    }
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    "Published: November 24, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229032872.002",
    "Publication date: November 24, 2025",
    "Core observation: The Swiss financial system has navigated turbulent times since the 2019 FSAP.",
    "Key shocks highlighted:",
    "Major outcome: Financial stability has been maintained despite significant events and interventions.",
    "Government-assisted merger between UBS and CS:",
    "System resilience:",
    "Subjects covered in the technical note:",
    "Keywords (as provided):",
    "**1cheea2025011-source-pdf**"
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