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Bank of England progresses its “system-wide exploratory scenario exercise”
United Kingdom | Publication | November 2023
In June 2023, we reported that the Bank of England had announced the launch of its first system-wide exploratory scenario exercise and had published a related webpage.
As part of the exercise, the Bank asked a group of banks and non-bank financial institutions to provide information on how they react to turbulence in financial markets, such as the gilts crisis in autumn 2022.
The Bank hopes to enhance its understanding of the risks to and from these institutions, and their behaviour in stress, including what drives those behaviours. It also hopes to investigate how those behaviours and market dynamics can amplify shocks in markets and potentially pose risks to UK financial stability.
The Bank has now begun round one of the exercise by providing the participating institutions with details of a hypothetical stress scenario, together with response templates and guidance. Responses are expected by January 2024, with round two being run throughout the new year. A final report should be published by the end of 2024.
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