瑞士：金融体系稳定性评估（英）

FINANCIAL SYSTEM STABILITY ASSESSMENT This paperonSwitzerlandwas prepared by a staff team of the International MonetaryFund as background documentation for the periodic consultation with the membercountry. It is based on the information available at the time it was completed onAugust26, 2025. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. SWITZERLAND FINANCIAL SYSTEM STABILITY ASSESSMENT August 26, 2025 KEY ISSUES Context:The Swiss financial system is large, sophisticated, and of global importance,especially through its asset and wealth management services. It has faced significantchallenges since the last FSAP, most notably during the collapse of Credit Suisse (CS),its second largest Global Systemically Important Bank (G-SIB). Financial stability waspreserved through exceptional government measures, which attracted intense publicscrutiny and highlighted salient gaps in supervision and crisis management frameworks.The authorities are rightly seizing the momentum to push for bold reforms, most ofwhich will require parliamentary approval. Findings:Switzerland’s private sector leverage ranks among the highest globally andlarge real estate exposures pose systemic risks. Stress tests for banks and insurersindicate broad resilience to severe solvency and liquidity shocks. Housing-related risksare rising, while the sole dedicated macroprudential tool nears its effectiveness limit.Gaps in legal powers for early intervention and enforcement, resource constraints, andreliance on external auditors hinder effective supervision. Switzerland has strengthenedthe oversight frameworks for cyber risk, securities, insurance, and fintech andimplemented the final Basel III rules in a timely manner. Policies:Once implemented, the authorities’ proposed reforms are expected tostrengthen the Swiss Too-Big-To-Fail (TBTF) framework, bank governance, and crisisprevention and preparedness. To bolster supervisory effectiveness, the Swiss FinancialMarket Supervisory Authority (FINMA) needs enhanced legal powers, increasedresources, and a more direct and intrusive approach. Heightened vigilance is needed inthe areas of governance, risk management, market conduct, anti-moneylaundering/combating the financing of terrorism (AML/CFT), and cyber risk, togetherwith maintaining strong capital and liquidity buffers. To address rising systemic risks,new capital and borrower-based measures should be considered. Recovery andresolution planning should be further extended to designated insurance groups,financial market infrastructures (FMIs), and proportionately to non-systemic banks.Reforms should include upgrading resolution tools, operationalizing the recentlyexpanded emergency liquidity assistance (ELA) framework, establishing a PublicLiquidity Backstop (PLB), and reforming deposit insurance. Approved ByMay KhamisPrepared ByMonetary and CapitalMarkets Department This report is based on the work of the FinancialSector Assessment Program (FSAP) mission thatvisited Switzerland in October 28 – November 11,2024 and March 31 – April 14, 2025. The FSAPfindings were also discussed with the authoritiesduring the Article IV Consultation mission in June17 – July 1, 2025. The FSAP team was led by Oana Croitoru (Mission Chief) and included JiříPodpiera (Deputy MissionChief), Ismael Boudiaf, Gabriela Conde, Jamie Fraser, Marco Gross, Nila Khanolkar, Meguy Kuete,João Marques, Rangachary Ravikumar, Katharine Seal, Javier Uruñuela (all MCM); Salvatore Dell’Erba(EUR); Maximilian Fandl, Michael Grist, Jane O’Doherty, and Bernhard Mayr (external experts); andCarolina Claver and Maksym Markevych (LEG). Betty Afework provided research assistance, andNatalia Naryshkina and Hazel Quinonez provided editorial assistance (all MCM). The FSAP team met with the Swiss National Bank (SNB) Governor, Mr. Martin Schlegel; DeputyGovernor, Mr. Antoine Martin; the CEO of the FINMA, Mr. Stefan Walter; the Chair of the Board ofFINMA, Ms. Marlene Amstad; the State Secretary for International Finance (SIF) at the FederalDepartment of Finance (FDF), Ms. Daniela Stoffel; the Assistant Secretary at the SIF, Mr. MichaelManz; members of Swiss Parliament and Senate, and senior leaders and officials from the SNB,FINMA, and the Occupational Pension Supervisory Commission (OPSC). The team also met with theSwiss Banking Association (SBA), banks, insurers, stock exchanges, fintech firms, experts in the realestate and pension fund sectors, and auditors. FSAPsassess the stability of the financial system as a whole and not that of individual institutions.They are intended to help countries identify key sources of systemic risk in the financial sector andimplement policies to enhance its resilience to shocks and contagion. Certain categories of riskaffecting fi