## Portugal: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis

_IMF Staff Country Reports, July 27, 2026_

## Source details

**Canonical URL:** [Portugal: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis](https://www.imf.org/en/publications/cr/issues/2026/07/27/portugal-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-578114)

## Other formats

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## Bibliographic details
- Published: July 27, 2026
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229054478.002

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### 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*

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_Source: https://www.imf.org/en/publications/cr/issues/2026/07/27/portugal-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-578114_