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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.

[as pdf]

Slides

1	Systemic Risk Relevance of Pension Funds, Insurers and Asset Managers
2	Agenda
3	Agenda
4	Introduction
5	And possible spill-overs to sovereign risk
6	Sovereign risk: a longer term perspective
7	New regulatory structures and responsibilities
8	On macro-prudential policy Haldane (2014) notes
9	Systemic risk not seen as just about banks
10	Relative sizes
11	Systemically important institutions
12	Banks
13	Insurers
14	Agenda
15	Typical insurer and pension fund perspectives
16	Typical asset manager perspectives
17	Other industry perspectives
18	Consequence of decision to have some insurer G-SIFIs
19	Agenda
20	Typical (systemic risk) regulator perspectives (1)
21	Typical (systemic risk) regulator perspectives (2)
22	Agenda
23	Who is correct?
24	Interconnectivity doesn’t have to be direct to matter
25	The capital waterfall: subordination, tiering and tranching
26	Insights from balance sheet analogy (1)
27	Insights from balance sheet analogy (2)
28	Pension funds and financial stability
29	Summary
30	Important Information

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