A stable, well-functioning financial market for allA stable, well-functioning financial market for allIMF assessment of the financial sector in Sweden is complete
During 2022, the International Monetary Fund (IMF) carried out a special assessment of the financial sector in Sweden, a so-called FSAP (Financial Sector Assessment Program). FSAPs are conducted regularly for member countries with systemically important financial markets. The most recent FSAP for Sweden by the IMF was in 2016.
During 2021 and 2022, the IMF delegation carried out visits to Sweden and met, among others, a large number of representatives from the financial stability authorities, the Ministry of Finance, Finansinspektionen, the Riksbank and the Swedish National Debt Office, as well as representatives from Swedish banks and other financial institutions.
The IMF's report (Financial System Stability assessment, FSSA), which was adopted by the IMF Board of Directors on 13 March 2023, provides an account of their main assessments and recommendations. The report has now been published on the IMF's website.
For FI, the IMF's review has been both educational and beneficial, and FI largely shares IMF's assessments from its review. FI welcomes the focus that FI has had on the scope of systemic financial risks and the need for macroprudential measures to reduce the build-up of risks.
FI also welcomes that, as part of FSAP 2022, the IMF conducted a so-called BCP assessment, which is an evaluation of the Swedish banking system's alignment with the principles established by the Basel Committee. The IMF also opted to conduct a pilot study of the Swedish banking system's resilience to climate-related financial risks. The IMF wanted to conduct such a study in a jurisdiction that had achieved a comparatively high maturity in this relatively new area and could help inspire others.
