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Systemic Risk Relevance of Pension Funds, Insurers and Asset Managers
This presentation contrasts typical industry perspectives on (financial) systemic risk with typical (systemic risk) regulator perspectives, particularly for those parts of the financial community such as insurers, pension funds and asset managers who may argue that systemic risk is exclusively a banking phenomenon.
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Slides
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Systemic Risk Relevance of Pension Funds, Insurers and Asset Managers
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Agenda
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Agenda
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Introduction
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And possible spill-overs to sovereign risk
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Sovereign risk: a longer term perspective
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New regulatory structures and responsibilities
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On macro-prudential policy Haldane (2014) notes
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Systemic risk not seen as just about banks
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Relative sizes
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Systemically important institutions
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Banks
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Insurers
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Agenda
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Typical insurer and pension fund perspectives
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Typical asset manager perspectives
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Other industry perspectives
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Consequence of decision to have some insurer G-SIFIs
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Agenda
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Typical (systemic risk) regulator perspectives (1)
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Typical (systemic risk) regulator perspectives (2)
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Agenda
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Who is correct?
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Interconnectivity doesn’t have to be direct to matter
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The capital waterfall: subordination, tiering and tranching
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Insights from balance sheet analogy (1)
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Insights from balance sheet analogy (2)
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Pension funds and financial stability
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Summary
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Important Information
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