Financial Stability Report - Financial Risk and Stability Network
Financial Stability Report - Financial Risk and Stability Network
Financial Stability Report - Financial Risk and Stability Network
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
CONTENTS<br />
OVERVIEW 5<br />
1 MACROECONOMIC RISKS<br />
AND INTERNATIONAL MARKETS 7<br />
1.1 e macroeconomic <strong>and</strong> nancial context 7<br />
1.2 e main risks for nancial stability 11<br />
1.3 e real-estate markets 14<br />
2 THE FINANCIAL CONDITION OF HOUSEHOLDS<br />
AND FIRMS 17<br />
2.1 Households 17<br />
2.2 Firms 18<br />
3 THE BANKING AND FINANCIAL SYSTEM 22<br />
3.1 e market’s assessment of Italian banks 22<br />
3.2 Credit 23<br />
3.3 Banks’ funding, liquidity risk, renancing risk 31<br />
3.4 Interest-rate risk <strong>and</strong> market risk 32<br />
3.5 Banks’ capital <strong>and</strong> protability 34<br />
3.6 Insurance companies 38<br />
4 MARKETS, EUROSYSTEM REFINANCING<br />
AND PAYMENT INFRASTRUCTURES 42<br />
4.1 e liquidity market 42<br />
4.2 Eurosystem renancing 44<br />
4.3 e government securities market 46
Change language