Portugal: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis
IMF Staff Country Reports, July 27, 2026
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Bibliographic details
- Published: July 27, 2026
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229054478.002
Overview of exercise
- The Financial Sector Assessment Program (FSAP) for Portugal conducted a comprehensive systemic risk analysis and assessment of the resilience of the banking sector.
- Date of publication: July 27, 2026.
- The FSAP included multiple complementary analytical strands to capture solvency, liquidity, sectoral vulnerabilities, and interconnectedness.
Solvency stress testing
- Full-fledged top-down solvency stress test to evaluate banks’ capital adequacy under two severe adverse macrofinancial scenarios.
- Targeted sensitivity analyses to examine risks not fully captured in the solvency tests, including:
- debt revaluations at amortized cost,
- potential losses from common large exposures,
- quasi-reverse stress tests.
Liquidity stress testing
- Cash flow-based liquidity stress tests assessed banks’ resilience to:
- general risk aversion,
- sovereign market distress,
- idiosyncratic shocks to their funding base.
Sectoral vulnerability assessment
- Targeted assessment analyzed vulnerabilities across:
- the household sector,
- the corporate sector,
- the real estate sector.
Interconnectedness analysis
- Examined the structural evolution of cross-sectoral linkages in the financial sector to identify potential channels of systemic transmission.
Key deliverables and format
- Report type: IMF Staff Country Report.
- Publication title: Portugal: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis.
- Available formats referenced: PDF and additional formats on IMF eLibrary.
Source: International Monetary Fund. "Portugal: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis", IMF Staff Country Reports 2026, 203 (July 27, 2026). https://www.imf.org/en/publications/cr/issues/2026/07/27/portugal-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-578114
Content in this bundle
- 1prtea2026007