{
  "title": "Portugal: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis",
  "publication": "IMF Staff Country Reports, July 27, 2026",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2026/07/27/portugal-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-578114",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2026/07/27/portugal-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-578114",
  "overlayPath": "/en/publications/cr/issues/2026/07/27/portugal-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-578114/index.md",
  "summary": "The Financial Sector Assessment Program (FSAP) for Portugal conducted a comprehensive systemic risk analysis and assessment of the resilience of the banking sector.",
  "sections": [
    {
      "heading": "Overview of exercise",
      "content": "- The Financial Sector Assessment Program (FSAP) for Portugal conducted a comprehensive systemic risk analysis and assessment of the resilience of the banking sector.\n- Date of publication: July 27, 2026.\n- The FSAP included multiple complementary analytical strands to capture solvency, liquidity, sectoral vulnerabilities, and interconnectedness."
    },
    {
      "heading": "Solvency stress testing",
      "content": "- Full-fledged top-down solvency stress test to evaluate banks’ capital adequacy under two severe adverse macrofinancial scenarios.\n- Targeted sensitivity analyses to examine risks not fully captured in the solvency tests, including:\n  - debt revaluations at amortized cost,\n  - potential losses from common large exposures,\n  - quasi-reverse stress tests."
    },
    {
      "heading": "Liquidity stress testing",
      "content": "- Cash flow-based liquidity stress tests assessed banks’ resilience to:\n  - general risk aversion,\n  - sovereign market distress,\n  - idiosyncratic shocks to their funding base."
    },
    {
      "heading": "Sectoral vulnerability assessment",
      "content": "- Targeted assessment analyzed vulnerabilities across:\n  - the household sector,\n  - the corporate sector,\n  - the real estate sector."
    },
    {
      "heading": "Interconnectedness analysis",
      "content": "- Examined the structural evolution of cross-sectoral linkages in the financial sector to identify potential channels of systemic transmission."
    },
    {
      "heading": "Key deliverables and format",
      "content": "- Report type: IMF Staff Country Report.\n- Publication title: Portugal: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis.\n- Available formats referenced: PDF and additional formats on IMF eLibrary.\n\nSource: 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\n\n---\n\n Content in this bundle\n\n- 1prtea2026007\n  - 1prtea2026007 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1prtea2026007 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2026/07/27/portugal-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-578114/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2026/07/27/portugal-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-578114/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2026/07/27/portugal-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-578114/bundle-manifest.json)",
    "Published: July 27, 2026",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229054478.002",
    "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.",
    "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:",
    "Cash flow-based liquidity stress tests assessed banks’ resilience to:",
    "Targeted assessment analyzed vulnerabilities across:",
    "Examined the structural evolution of cross-sectoral linkages in the financial sector to identify potential channels of systemic transmission.",
    "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.",
    "**1prtea2026007**"
  ],
  "related": [
    {
      "title": "1prtea2026007",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2026/english/1prtea2026007.pdf",
      "summary": {
        "path": "/-/media/files/publications/cr/2026/english/1prtea2026007.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/cr/2026/english/1prtea2026007.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2026/07/27/portugal-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-578114/index.md",
    "json": "/en/publications/cr/issues/2026/07/27/portugal-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-578114/index.json",
    "bundleManifest": "/en/publications/cr/issues/2026/07/27/portugal-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-578114/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-10T20:33:06.696Z"
}