BoE launches first ‘system-wide’ stress test

Analysis will assess how banks and non-banks interact to amplify shocks

Bank of England
The Bank of England
Juno Snowdon Photography

For the first time, the Bank of England is preparing to test how banks and non-banks interact and potentially amplify a bout of stress across the entire financial system.

The system-wide exploratory scenario (SWES), launched today (June 19), goes beyond standard stress-testing, which tends to operate on the level of individual firms. “The SWES is the first exercise of its kind, and it offers a novel opportunity to better understand system-wide dynamics,” the central bank said.

The exercise

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