{
  "title": "Austria: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis",
  "publication": "IMF Staff Country Reports, August 18, 2026",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2026/08/18/austria-financial-sector-assessment-program-technical-note-on-systemic-risk-analysis-578971",
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  "summary": "While the ongoing Middle East conflict is weighing on the outlook, the Austrian financial sector has remained resilient in recent years in the context of domestic and international headwinds.",
  "sections": [
    {
      "heading": "Major findings: resilience amid headwinds",
      "content": "- The Austrian financial sector has remained resilient in recent years despite domestic and international headwinds, including the ongoing Middle East conflict.\n- The banking system’s capitalization improved: the aggregate Common Equity Tier 1 capital ratio (CET1) reached 18.4 percent in September 2025, from 17.9 percent at the end of 2024.\n- The resilience reflects continued strong profitability in recent years, in particular from net interest margins driven by foreign activities.\n- Profitability declined since its peak in 2023 but remained relatively high with a return on equity at 8.9 percent in percent in 2025.\n- Nonperforming loans (NPLs) rose, in particular in the commercial real estate segment until recently.\n- The macroeconomic context included two years of a broad-based recession in 2023 and 2024, materialization of geopolitical risks, and tighter monetary policy constraining demand."
    },
    {
      "heading": "Liquidity and funding metrics",
      "content": "- Weighted Liquidity Coverage Ratio (LCR): 185 percent (September 2025).\n- Aggregate Net Stable Funding Ratio (NFSR): 134.8 percent (September 2025).\n- Liquidity buffers are characterized as high."
    },
    {
      "heading": "Heterogeneity across institution types",
      "content": "- Less Significant Institutions (LSIs) have on aggregate higher capital ratios and higher liquidity buffers than Significant Institutions (SIs)."
    },
    {
      "heading": "Subject tags and keywords (as provided)",
      "content": "- Subjects: Asset and liability management; Credit; Financial Sector Assessment Program; Financial sector policy and analysis; Liquidity; Money; Stress testing.\n- Keywords: cash flow; IMF staff; liquidity association; liquidity stress; risk network; solvency impact; solvency stress tests.\n\nInternational Monetary Fund. Monetary and Capital Markets Department \"Austria: Financial Sector Assessment Program-Technical Note on Systemic Risk Analysis\", IMF Staff Country Reports 2026, 228 (2026).\n\n---\n\n Content in this bundle\n\n- 1autea2026007\n  - 1autea2026007 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1autea2026007 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 18, 2026",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229059381.002",
    "The Austrian financial sector has remained resilient in recent years despite domestic and international headwinds, including the ongoing Middle East conflict.",
    "The banking system’s capitalization improved: the aggregate Common Equity Tier 1 capital ratio (CET1) reached 18.4 percent in September 2025, from 17.9 percent at the end of 2024.",
    "The resilience reflects continued strong profitability in recent years, in particular from net interest margins driven by foreign activities.",
    "Profitability declined since its peak in 2023 but remained relatively high with a return on equity at 8.9 percent in percent in 2025.",
    "Nonperforming loans (NPLs) rose, in particular in the commercial real estate segment until recently.",
    "The macroeconomic context included two years of a broad-based recession in 2023 and 2024, materialization of geopolitical risks, and tighter monetary policy constraining demand.",
    "Weighted Liquidity Coverage Ratio (LCR): 185 percent (September 2025).",
    "Aggregate Net Stable Funding Ratio (NFSR): 134.8 percent (September 2025).",
    "Less Significant Institutions (LSIs) have on aggregate higher capital ratios and higher liquidity buffers than Significant Institutions (SIs).",
    "Subjects: Asset and liability management; Credit; Financial Sector Assessment Program; Financial sector policy and analysis; Liquidity; Money; Stress testing.",
    "Keywords: cash flow; IMF staff; liquidity association; liquidity stress; risk network; solvency impact; solvency stress tests.",
    "**1autea2026007**"
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