## Switzerland: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis and Stress Testing

_IMF Staff Country Reports, November 24, 2025_

## Source details

**Canonical URL:** [Switzerland: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis and Stress Testing](https://www.imf.org/en/publications/cr/issues/2025/11/24/switzerland-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-572041)

## Other formats

- [Markdown version](/en/publications/cr/issues/2025/11/24/switzerland-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-572041/index.md)
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## Bibliographic details
- Published: November 24, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229032872.002

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### Overview and context
- Publication date: November 24, 2025
- Core observation: The Swiss financial system has navigated turbulent times since the 2019 FSAP.
- Key shocks highlighted:
  - The COVID 19 pandemic
  - Geopolitical conflicts
  - The collapse of Credit Suisse (CS) in 2023—previously the second largest G-SIB relative to domestic GDP in the world
- Major outcome: Financial stability has been maintained despite significant events and interventions.

### Major findings
- Government-assisted merger between UBS and CS:
  - Entailed significant contingent fiscal liabilities.
  - Undermined the credibility of the Too-Big-To-Fail (TBTF) regime.
  - Revealed gaps in supervision, resolution, and crisis management in Switzerland.
- System resilience:
  - Despite shocks listed above, the Swiss financial center and the economy remained stable through the period covered.

### Thematic coverage (as indexed)
- Subjects covered in the technical note:
  - Expenditure
  - Financial institutions
  - Financial sector policy and analysis
  - Insurance
  - Labor
  - Mortgages
  - Pension spending
  - Pensions
  - Solvency
  - Stress testing
- Keywords (as provided):
  - banking system profitability
  - coverage ratio
  - financial system structure
  - Global
  - Insurance
  - Mortgages
  - Pension spending
  - Pensions
  - Solvency
  - solvency risk
  - solvency stress test
  - Stress testing

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## Content in this bundle

- **1cheea2025011-source-pdf**
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_Source: https://www.imf.org/en/publications/cr/issues/2025/11/24/switzerland-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-572041_