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    BoE Publishes Results of Systemic Risk Survey for First Half of 2019

    July 11, 2019

    BoE published results of the systemic risk survey for the first half of 2019. The survey was conducted between April 22 and May 16. BoE conducts this survey biannually to quantify and track views of market participants on risks to, and their confidence in, the stability of the UK financial system. The survey is typically completed by executives responsible for risk management and treasury functions at institutions, including UK banks and building societies, large foreign banks, asset managers, hedge funds, insurers, pension funds, large non-financial companies, and central counterparties.

    The key topics covered in the survey include the following:

    • Confidence in stability of the UK financial system. Respondents were asked to assess the level of confidence they have in the stability of the UK financial system as a whole over the next three years. The results reveal that confidence in the stability of the UK financial system over the next three years has increased relative to the survey for the second half of 2018.
    • Probability of a high‑impact event in the UK financial system. The perceived probabilities of a high-impact event in the UK financial system over both the short and medium term have decreased.
    • Sources of risk to the UK financial system. Respondents were asked to list the five risks that they thought would have the greatest impact on the UK financial system if they were to materialize. The risks most frequently cited in the survey for the first half of 2019 were political risk, geopolitical risk, cyber-attack risk, risk of a global/overseas economic downturn, risk of financial market disruption/dislocation, risk of a UK economic downturn, and risks around regulation or taxation.
    • Most challenging risks to manage as a firm. Respondents were asked to indicate which three of the five risks they had identified would be the most challenging to manage if they were to materialize. UK political risk, cyber-attack risk, and geopolitical risk were the most cited responses.

     

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    Keywords: Europe, UK, Banking, Insurance, Securities, Systemic Risk, Survey Results, Financial Stability, Cyber Risk, BoE

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