IMF-瑞士：金融体系稳定性评估（英）

© 2025 International Monetary Fund IMF Country Report No. 25/266 SWITZERLAND FINANCIAL SYSTEM STABILITY ASSESSMENT This paper on Switzerland was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on August 26, 2025. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf.org Web: http://www.imf.org International Monetary Fund Washington, D.C. September 2025 SWITZERLAND FINANCIAL SYSTEM STABILITY ASSESSMENT 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 significant challenges since the last FSAP, most notably during the collapse of Credit Suisse (CS), its second largest Global Systemically Important Bank (G-SIB). Financial stability was preserved through exceptional government measures, which attracted intense public scrutiny and highlighted salient gaps in supervision and crisis management frameworks. The authorities are rightly seizing the momentum to push for bold reforms, most of which will require parliamentary approval. Findings: Switzerland’s private sector leverage ranks among the highest globally and large real estate exposures pose systemic risks. Stress tests for banks and insurers indicate broad resilience to severe solvency and liquidity shocks. Housing-related risks are rising, while the sole dedicated macroprudential tool nears its effectiveness limit. Gaps in legal powers for early intervention and enforcement, resource constraints, and reliance on external auditors hinder effective supervision. Switzerland has strengthened the oversight frameworks for cyber risk, securities, insurance, and fintech and implemented the final Basel III rules in a timely manner. Policies: Once implemented, the authorities’ proposed reforms are expected to strengthen the Swiss Too-Big-To-Fail (TBTF) framework, bank governance, and crisis prevention and preparedness. To bolster supervisory effectiveness, the Swiss Financial Market Supervisory Authority (FINMA) needs enhanced legal powers, increased resources, and a more direct and intrusive approach. Heightened vigilance is needed in the areas of governance, risk management, market conduct, anti-money laundering/combating the financing of terrorism (AML/CFT), and cyber risk, together with maintaining strong capital and liquidity buffers. To address rising systemic risks, new capital and borrower-based measures should be considered. Recovery and resolution planning should be further extended to designated insurance groups, financial market infrastructures (FMIs), and proportionately to non-systemic banks. Reforms should include upgrading resolu