Bank of England (BoE) announced today that it has started a drill for the financial sector. Authorities, who want to test how banks, insurance and investment institutions operate in bad conditions, carry out a crisis simulation on the whole sector.
BoE Vice President Jon Cunliffe spoke to the financial press after the stress test announcement. Cunliffe emphasized that as a result of the test they started, they wanted to obtain new information about the functioning of the financial system.
The crisis scenario tested by the Bank of England will not provide data on a company basis. Economists will examine how the broader repo and bond market reacts under the circumstances.
Bank of England officials stated that they will announce their risk assessment reports in 2024. The main scenario of the stress test and the organizations participating in the exercise will be revealed later this year.
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