Promoting Global Financial Stability: 2025 FSB Annual Report

24 March 2026 | PDF full text (10 MB)

2025 it has been a year shaped by profound shifts in the global landscape, underscoring the critical importance of the FSB’s work.

In 2025, the FSB continued its efforts to strengthen financial systems, enhance the stability of international financial markets and promote consistent and coherent implementation of policy recommendations across sectors and jurisdictions.

Key areas of focus for the year under review included addressing financial stability risks from leverage in NBFI and related data challenges; ensuring full and consistent implementation of the FSB regulatory framework for crypto-asset activities and global stablecoin arrangements; initiatives to enhance the resolution and operational resilience of financial firms; and improving cross-border payments.

Against a backdrop of rising vulnerabilities, the next phase of the FSB strategic review of implementation launched in 2025 will focus on identifying the root causes of a slowdown in G20 reform implementation and on finding ways to promote implementation more effectively.

FSB publishes 2025 Annual Report

Press enquiries:
+41 61 280 8477
[email protected]
Ref: 4/2026

  • In presenting the Report, FSB Chair Andrew Bailey reflects on current challenges to multilateralism and how the FSB will remain fit for purpose.
  • Report summarises key 2025 work on NBFI leverage, crypto-assets and stablecoins, operational resilience and cross-border payments.
  • Report explains how the next phase of the FSB strategic review of implementation will focus on identifying the causes of a slowdown in G20 reform implementation and on finding ways to promote implementation more effectively.

The Financial Stability Board (FSB) today published its Annual Report, describing the FSB’s work to promote global financial stability in 2025. The Report, presented this year in an updated format, features for the first time a foreword by FSB Chair Andrew Bailey.

In his foreword, Mr. Bailey notes the critical importance of the FSB’s work to preserve financial stability in the face of profound shifts in the global landscape. In an increasingly fragmented and unpredictable world, where multilateralism is being tested, FSB members continued to find common ground and displayed commitment to tackle shared challenges, giving reason to be optimistic. “The shocks of recent years have not undermined financial stability”, writes Mr. Bailey, “a testament to the reforms implemented since the global financial crisis.”

At the same time, Mr. Bailey also highlights the need for the FSB to continue to adapt to remain fit for purpose in a rapidly changing world, a theme that will guide the FSB work going forward. The next phase of the FSB strategic review of implementation launched in 2025 will focus on identifying the root causes of a slowdown in G20 reform implementation and on finding ways to promote implementation more effectively.

As described in the main text of the Annual Report, in 2025, the FSB – through its membership and in cooperation with international standard-setting bodies – continued its efforts to strengthen financial systems, enhance the stability of international financial markets and promote implementation of policy recommendations across sectors and jurisdictions.

The FSB’s ongoing surveillance highlighted several long-standing vulnerabilities in the financial system, ranging from rising sovereign debt levels to rapid growth of nonbank financial intermediation (NBFI), from elevated asset valuations to significant volatility in crypto markets, as well as financial firms’ operational vulnerabilities.

To address these challenges, in 2025, the FSB finalised work to address the financial stability risks associated with leverage in NBFI and established the Nonbank Data Task Force to tackle data issues that hinder authorities’ ability to effectively assess vulnerabilities in NBFI. Recognising the need for a resilient digital asset ecosystem, the FSB reviewed the implementation of its 2023 global regulatory framework for crypto-assets and stablecoins, urging authorities to address identified gaps and inconsistencies that could pose risks to financial stability. On operational vulnerabilities, the FSB finalised a format for operational incident reporting exchange. As the global standard setter for the resolution of financial institutions, the FSB also continued to advance work on to support authorities’ readiness to respond to failures, producing guidance and enhancing operational planning.

Finally, 2025 saw the completion of major policy development initiatives in relation to the Roadmap for enhancing cross-border payments. Going forward, the FSB will intensify efforts to drive jurisdictional implementation of the policy recommendations in order to produce tangible improvements for end-users at the global level.

Notes to editors

Since 2015, the FSB has published annual reports on the implementation and effects of G20 financial regulatory reforms. These reports highlight progress made by FSB members in addressing identified financial vulnerabilities and in building a more resilient financial system. In particular, they provide a high-level assessment of current vulnerabilities in the global financial system, summarise the FSB’s ongoing financial stability work, and review progress on G20 reforms, including evaluations or other assessments of their effects.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Andrew Bailey, Governor of the Bank of England. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.

FSB Chair’s foreword to the FSB Annual Report 2025

Andrew Bailey, the Chair of Financial Stability Board, presents the FSB 2025 Annual Report.

The views expressed in these remarks are those of the speaker in his role as FSB Chair and do not necessarily reflect those of the FSB or its members.

The publication of the Financial Stability Board (FSB) Annual Report – presented this year in an updated format – provides an opportunity to reflect on an eventful year, including my first nine months as Chair. 2025 was a year of notable change for the FSB, with new leadership across some of our Standing Committees and the continued evolution of our priorities. Most significantly, it has been a year shaped by profound shifts in the global landscape, underscoring the critical importance of the FSB’s work.

The world is becoming increasingly fragmented and unpredictable. Multilateralism is being tested. Yet, despite these challenges, the financial sector has demonstrated resilience. The shocks of recent years have not undermined financial stability, a testament to the reforms implemented since the global financial crisis (GFC). However, the financial system itself is transforming, presenting new and complex challenges. Developments such as the rapid growth of private finance, increasing use of leverage in core markets, expansion of digital assets, and advancements in artificial intelligence (AI) are reshaping the financial landscape. At the same time, the global economy faces longer-term structural challenges, including slowing productivity growth and demographic pressures. These trends highlight the importance of openness and innovation, while financial stability remains an essential pre-condition for unlocking these opportunities and achieving sustainable economic growth.

Despite the challenging global environment and against a backdrop of rising vulnerabilities, the FSB has continued to deliver on its mandate.

Since its creation, the FSB has worked to address the fault lines exposed by the GFC, addressing immediate risks while laying the groundwork for a more resilient financial system. Much of this work has been advanced through the implementation of G20 reforms. As this Annual Report shows, the FSB continued to deliver on many fronts in 2025. We finalised recommendations to address leverage in nonbank financial intermediation, assessed the implementation of crypto-asset and stablecoin recommendations, and examined vulnerabilities related to the use of AI in the financial sector. Other questions remain. How can we accelerate progress in cross-border payments? What data do we need to manage cross-border risks and allow regulators and markets to prudently navigate and manage new risks? How can we ensure that our surveillance frameworks are robust enough to keep pace with a rapidly evolving financial system? These and other key questions will guide the next stages of our work.

The strategic review of implementation of G20 reforms that we launched in 2025 has revealed a slowdown in implementation. While cooperation among jurisdictions has strengthened since the GFC, full, timely, and consistent implementation across the broad range of reforms has not yet been achieved. The next phase of the review will focus on identifying the root causes of this slowdown and finding ways to promote implementation more effectively. Enhancing the FSB’s implementation monitoring framework will be a key priority, particularly as member jurisdictions modernise their supervisory and regulatory frameworks to address emerging risks and opportunities.

As we look ahead, we must not be afraid to challenge ourselves. The FSB must remain agile, continually adapting its ways of working to ensure it remains fit for purpose in a rapidly changing world. Encouragingly, despite increased fragmentation and polarisation, FSB members continue to find common ground, displaying their commitment to tackle shared challenges. This commitment is critical because financial stability is a global public good. The risks we face do not respect borders. Multilateralism remains the only way we can effectively address them.

We have reason to be optimistic. To paraphrase Mark Twain: reports of multilateralism’s demise have been greatly exaggerated. Building on the FSB’s tradition of rigour and pragmatism, we will continue to support our members and the US G20 Presidency in the year ahead to keep the financial system stable and resilient.

FSB kicks off new implementation phase to enhance cross-border payments through public-private partnership

12 March 2026

Press enquiries:
+41 61 280 8477
[email protected]
Ref: 3/2026

  • At the FSB Cross-border Payments summit, FSB Chair Andrew Bailey renews commitment to the goals of the G20 Roadmap for Enhancing Cross-border Payments, urging intensified action from authorities and the industry.
  • The FSB will ask its members to develop action plans, identifying practical steps and priorities for enhancing payment systems within their jurisdictions and at broader regional level.
  • The Institute of International Finance and Swift also outlined initiatives aimed at supporting progress towards the Roadmap’s goals.

The Financial Stability Board (FSB) held the FSB Cross-border Payments Summit today in London to take stock of efforts to make cross border payments cheaper, faster, more transparent and more accessible. Hosted by the Bank of England, the Summit brought together senior policymakers and industry leaders to kick off a new implementation phase of the work.

“There are few issues in our responsibilities that have as universal a reach as cross‑border payments”, said Andrew Bailey, Chair of the FSB, in his opening speech. “The clear message from today’s Summit is that we are not stopping until the job of making a genuine difference to the user experience of cross-border payments is done. Strong commitment and collective action from both the public and private sector are essential for delivering on the Roadmap’s goals.”

The next phase of work will focus on two key aspects: encouraging the development of jurisdictional and regional action plans by public authorities to drive domestic and regional implementation; and the promotion of private-sector action and closer private-public collaboration, with industry playing a decisive role in delivering real benefits for end users.

At the Summit, participants discussed public and private-sector initiatives undertaken so far to advance the Roadmap’s goals, explored ways to accelerate implementation to ensure progress as the end-2027 deadline approaches, and discussed the future of the cross-border payments ecosystem.

The Institute of International Finance (IIF) committed to working with its members throughout 2026 to assess how the external environment has changed since the Roadmap was first published in 2020 and how the Roadmap may need to evolve in response. “The operating environment has shifted, and progress has been made in important areas of cross-border payments”, said Tim Adams, CEO of the IIF. “We have new options for sending payments, enabled by new technologies, while, at the same time, growing payments fraud requires security to retake a prominent place in the agenda.” The IIF will produce a report later this year with the findings of its assessment and industry recommendations for a path forward for the G20 cross-border payments agenda. The IIF will convene stakeholders alongside the upcoming IMF and World Bank Spring Meetings to kick off this work.

Swift is driving global industry action. Currently, 75% of payments reach beneficiary banks in just 10 minutes, with many arriving in seconds. Last week, Swift announced that banks would introduce a new retail payments framework by June, ensuring consumer payments over Swift benefit from the fastest possible speeds, cost certainty and end-to-end transparency. In parallel, Swift is creating infrastructure for the future by integrating a shared, blockchain-based ledger, initially targeting 24/7 real-time cross-border payments. Javier Pérez-Tasso, CEO of Swift, said: “We’ve driven significant improvements since the G20 targets were introduced, especially between banks. And now we’re taking that a step further, innovating and collaborating with both the public and private sectors to drive unified action on improving the end-to-end payments experience.”

“Without genuine public-private collaboration, the G20 Roadmap risks remaining just an agenda. Our goal is real-world outcomes, at system level”, emphasised Fabio Panetta, Governor of the Bank of Italy and Co-Chair of the FSB’s Cross-border Payments Coordination Group, in his closing remarks, Mr Panetta underscored the importance of joint action to modernise payment infrastructures, foster greater harmonisation and interoperability, and leverage technology to enhance transparency and compliance automation. “We should never lose sight of the human dimension: every improvement in speed, transparency and cost efficiency translates into meaningful and tangible enhancements to people’s lives. That is a key reason why this work matters.”

Notes to editors

In 2020, the FSB, in coordination with the CPMI and other relevant international organisations and standard-setting bodies, developed the G20 Roadmap to enhance cross-border payments, at the request of the Saudi Arabian G20 Presidency. In 2023, the FSB, in collaboration with the CPMI, prioritised the actions that were considered to be most impactful in progressing towards the G20 Roadmap goals, with the aim of achieving significant improvements by the end of 2027.

The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups.

The FSB is chaired by Andrew Bailey, Governor of the Bank of England. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements.

Reforming Cross-border payments: keynote speech at the FSB Payments Summit

Keynote speech by Andrew Bailey, Chair of the Financial Stability Board, at the FSB Payments Summit, Bank of England, Thursday 12 March 2026.

The views expressed in these remarks are those of the speaker in his role as FSB Chair and do not necessarily reflect those of the FSB or its members.

Good morning and welcome to the Bank of England. It is our pleasure to host this important event. This is the third Financial Stability Board (FSB) Payments Summit, but the first to be held in person. As Chair of the FSB, can I thank you for joining us. I think it is very much the right time to meet in person as we have reached an important point in this critical work.

I have two goals in mind for today. First, to recognise the very good work that has taken place over the last few years. Second, to start to firm up what more we need to do to achieve the G20’s goals on cross-border payments.1 And, by “we” I mean the private sector as well as the public authorities and international bodies. Moreover, as a spoiler, and I am going to be quite clear and honest, we have some tough challenges ahead. They are ones that we must take on because they are so important, not just to the financial system but for billions of people around the world – indeed, in all parts of the world. There are few issues in our responsibilities that have as universal a reach as cross-border payments.

For as long as I can remember – and I have been here at the Bank over 40 years – it has been said that cross-border payments are slow, expensive and inefficient. While this is not universally true – some cross-border payments are very efficient – there can be no doubt that, overall, cross-border payments are slow and expensive, especially when compared to increasingly effective domestic payments. So, when I became Chair of the FSB last year, I identified cross-border payments as a continuing key priority. To be clear, what I mean by “continuing” is that we are not stopping until the job is done. Moreover, I added that there are several big reasons why the issue is important. One of those is that frictions in international payments have the potential to act as a driver of fragmentation of the global system, and this can ultimately reduce the system’s ability to absorb shocks and support sustainable economic growth. Another reason is that when I am asked to describe what we do at the Bank of England, I usually start by saying that we are in the money business. Money is the common factor in the things we do. Well, payments are a core function of money, so they are central to our interests.

With all of this in mind, the state of affairs on cross-border payments leaves me with three big, framing questions. Why is it proving to be so challenging? Are the problems insurmountable (this is something I seriously doubt, but it has to be asked)? And what are the root causes of the remaining problems?

Now, I do not want to come across as negative on what has been done so far. Quite the opposite. I am hugely positive about the work done and want to praise everyone involved. You have changed things for the better. Rather, I think the reality is that in doing this excellent work, you have uncovered more issues that need tackling. Again, well done, this needed doing. But, we can’t stop here. Today is about focusing on the remaining challenges and starting to identify the steps we – public authorities and the private sector – need to take to finish the job of making a genuine difference to the user experiences of cross-border payments.

In taking stock, it’s worth going back to the creation of the G20 Roadmap, which was launched in October 2020. It brought together many official bodies – domestic and international – and the private sector to energise the case for reforming and enhancing cross-border payments. To quote from the launch material, it set the objective of:

“Faster, cheaper, more transparent and more inclusive cross-border payment services, including remittances, while maintaining their safety and security, would have widespread benefits for citizens and economies worldwide, supporting economic growth, international trade, global development and financial inclusion.”

Nothing has changed, in that these remain our objectives. But the world has changed since 2020, far more than the architects of the Roadmap could have imagined. The geopolitical landscape looks different and technological innovation has accelerated. Both of these developments serve to emphasise the importance of achieving reform of cross-border payments while maintaining and enhancing their safety and security. The emphasis on safety and security also serves as a reminder that, sadly, developments since 2020 underline the increasing sophistication of threats from criminal actors. On this point, I welcome the US G20 Presidency’s prioritisation of work on cross-border payments fraud. In the FSB, we look forward to continuing to work with the Financial Action Task Force on these issues.

Over five years on from the launch of the Roadmap, most of the priority actions identified have been completed. We can point to real wins: ISO 20022 harmonised requirements2 (which smooths the flow of cross-border payments through more consistent transaction data); extending RTGS (Real Time Gross Settlement) operating hours to increase time zone overlaps (so that we’re open for business at the same time and can settle payments more quickly); and FATF’s revision of standards for the information that must accompany a cross-border payment for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) purposes (to ensure that these rules take account of developments in technology).

And we have seen some progress in the results of the most recent cross-border payments monitoring survey, published by the CPMI (Committee on Payments and Market Infrastructure) in December. That report shows that over half of jurisdictions are already operating with extended RTGS operating hours, or actively planning or considering an extension – a notable increase from the previous survey. More than three quarters of faster payment systems covered by the survey, and approaching half of RTGS systems, are now using ISO 20022. If the payment systems that are considering or planning on aligning with the CPMI’s harmonised ISO 20022 data requirements follow through with their plans, around two thirds of FPS (Faster Payment Systems) and RTGS systems could align with the requirements in the next few years – a huge step forward from where we were. Certain regions – in particular Asia-Pacific – have driven forward initiatives to interlink faster payment systems. Together interlinking arrangements cover around 17 bilateral corridors, with more links planned to go live. I want to particularly thank the CPMI for leading important parts of the work.

The bottom line then is that much of what we set out to do in terms of producing guidance and recommendations for upgrading payments systems and harmonising standards has been done at the international level. But more needs to be done now to implement. This is echoed in some tough messages from the monitoring survey. For example, only around one third of jurisdictions have implemented or reformed data privacy legislation or frameworks that may help mitigate data-related frictions in cross-border payments. There remains patchy adoption of Legal Entity Identifiers (LEIs), which would benefit cross-border payments by strengthening data standardisation and assisting KYC (know your customer) and sanctions screening. More importantly, the data show limited improvement to date in cross-border payments for end users.

In total then, while we have done a lot at the international level, ultimately we are far from reaching the targets the G20 set for 2027.

To come back to one of my key questions, does this mean the challenges are insurmountable? No, definitely not. To some degree, we can explain that the benefits of what has been done to date will take time to materialise. But that is not the full picture. The reality is that there is more we need to do to spur further action to tackle the remaining sources of friction in cross-border payments. As I said earlier, the great work done to date has revealed more issues, and so there is a gap between aspiration and achievement to date.

We stand therefore at a critical point. Over the coming year, we need to intensify efforts to drive the implementation of agreed guidance and recommendations as part of efforts to meet the G20 goals, and not just across the G20 but much more widely. I feel strongly about this as FSB Chair and have an eye towards the UK’s G20 Presidency next year as well.

Now, if you are a film buff, you may be worried that in setting this out, I am going to make the rest of my remarks in the style of the quite famous speech by Al Pacino in “Any Given Sunday”. If you aren’t familiar with it, look it up, it’s a classic.

I’m not going to do that – I will be more polite! More to the point, I am going to set out the key areas of focus. Critically, this involves international organisations, domestic public bodies (not just central banks) and the private sector. There are four important elements.

First, we are announcing today that the public sector should develop:

  • A review of implementation of FSB recommendations on data frameworks and bank and non-bank regulation and supervision, which will take place early in 2027.
  • Jurisdiction Action Plans – as a tool to support domestic implementation of international recommendations and guidance. Improving domestic payment infrastructure, in the widest sense, is critical for enhancing cross-border payments, as the first and last mile rely on domestic rails.
  • Regional Action Plans – different regions started from different baseline conditions and are progressing along diverse paths and at varying paces. But more can be done to support implementation at a regional level and we have already seen some advancements in payment systems interoperability and extensions at the regional level, including by fostering regional integration. This includes working with the World Bank and IMF to ensure Technical Assistance programmes deliver – this is critical to ensuring greater take up of the recommendations and tackling frictions in the domestic leg of cross-border payments.

Second, we need to emphasise further innovation and infrastructure development. This should build on the adoption of ISO and APIs (Application Programming Interface) and the extension of RTGS operating hours. It could be public or private sector infrastructure. And the infrastructure upgrades which give us biggest ‘bang for our buck’ may be different across retail and wholesale systems. Most important, we need to make sure that the benefits of digital technology are incorporated into payment systems. Again, we should start by being open to how this is done, but respecting the central principles of what is money. And that includes thinking about what role there could be for new innovations in digital payments in helping us to reach the Roadmap’s goals. I do not take a position on that, but I think it makes sense to include it in our analysis.

Third, we need to reduce regulatory compliance costs but without diluting standards. Work on the Roadmap has identified multiple sources of regulatory frictions in cross-border payments and started to address some of them. But further work could usefully help us (authorities) determine the extent to which these frictions are warranted or where the same objectives can be achieved more efficiently, for example through greater consistency across jurisdictions or by deploying new technology. BIS Innovation Hub experiments like Project Mandala3 show this is a real possibility. I am sure technology can be put to work to help us.

Fourth, we need strong commitment and collective action from the private sector. We have had a lot of important insights and recommendations from industry on technical and regulatory issues, for which I am very grateful. What we need now is practical and coordinated action. There are plenty of live examples of innovation in both retail and wholesale cross-border payments, including initiatives by firms represented here today. They are very welcome and we will hear more about some of these later. The question is whether they are enough or are there actions that industry could take today, including individually, to move us towards the goals of addressing cost and transparency, for example? My sense is that there are things that can be done now by firms, but some form of collective action will also be necessary to move the dial on cross-border payments from the perspective of end users.

Now, we need to work together closely to deliver improvements. A closer public-private partnership to guide the next steps will ensure that as we move forward, we focus on the right issues, prioritise what matters most, and identify deliverable actions for the private sector as well as public authorities and international bodies. Ultimately, leadership from the private sector is critical to unlocking progress to deliver cheaper, faster, more inclusive and more transparent cross-border payments.

That’s why I’m particularly pleased that both Swift and the Institute of International Finance (IIF) are here today. Their respective memberships are critical players in thework we need to do to enhance cross-border payments and we will hear from both on important initiatives they are planning.

To conclude, and return to my key questions. We have made a lot of progress, but have found there is more to be done. That’s frustrating, but we must take the challenge on. We can’t say “job done”. It isn’t. I don’t believe the remaining challenges are insurmountable. In this day and age with the technology we have and will be getting, that would be an extraordinary conclusion. There isn’t a quick win either. Nor do I think we have reached the point where we have to consider trade-offs, for instance between cost and speed.

We have plans, ambitious ones. They are not going to be easy, let’s be honest about that. But let’s always remember, by working together we can benefit, literally, billions of people, including many on low incomes who deserve better from payment services.

Thank you for being part of this important work.

  1. FSB (2020), FSB delivers a roadmap to enhance cross-border payments, October. ↩︎
  2. CPMI (2026), Harmonised ISO 20022 data requirements for enhancing cross-border payments – updated report, February. ↩︎
  3. BIS, Project Mandala: shaping the future of cross-border payments compliance. ↩︎

Thematic Peer Review on Public Sector Backstop Funding Mechanisms: Summary Terms of Reference

23 February 2026 | PDF full text (139 KB)

The Financial Stability Board is seeking feedback from stakeholders as part of its thematic peer review on the implementation of public sector backstop funding mechanisms.

The FSB adopted the Key Attributes of Effective Resolution Regimes for Financial Institutions in 2011, with the aim of facilitating the resolution of financial institutions without severe systemic disruption or taxpayer losses, while protecting vital economic functions. One element of an effective resolution regime is a public sector backstop funding mechanism, which, if needed as a last resort, can provide temporary funding to firms in resolution to support orderly resolution.

The objective of the review is to examine progress made by FSB member jurisdictions in implementing Key Attribute 6 and the Guiding Principles on the Temporary Funding Needed to Support the Orderly Resolution of a Global Systemically Important Bank (“G-SIB”). The Summary Terms of Reference provides more details on the objectives, scope, and process for this review.

The FSB has distributed a questionnaire to FSB member jurisdictions to collect information. In addition, as part of this peer review, the FSB invites feedback from financial institutions, industry and consumer associations, academics, and other stakeholders on the implementation of public sector backstop funding mechanisms. This could include comments on:

  • how financial stability vulnerabilities associated with the liquidity needs of a G-SIB, or banks that may be systemically significant or critical if they fail (“banks systemic in failure”), during resolution differ across jurisdictions, and how these vulnerabilities are evolving;
  • the nature, credibility, and capabilities of public sector backstop funding mechanisms for banks in FSB jurisdictions, including:
    • the key design features of public sector backstop funding mechanisms to ensure their temporary, last-resort use to achieve an orderly resolution of a G-SIB or banks systemic in failure;
    • the conditions and provisions that mitigate taxpayer losses and minimise moral hazard risk;
  • experiences and challenges in addressing funding in resolution, and implications for public sector backstop funding mechanisms.

The peer review report is expected to be published in October 2026.

FSB Regional Consultative Group for Sub-Saharan Africa meets in Zanzibar

21 February 2026

FSB Regional Consultative Group for Sub-Saharan meeting, 20-21 February 2026, Zanzibar, Tanzania
FSB Regional Consultative Group for Sub-Saharan meeting, 20-21 February 2026, Zanzibar, Tanzania

The Financial Stability Board (FSB) Regional Consultative Group for Sub-Saharan Africa (RCG SSA) met on 20-21 February in Zanzibar, hosted by the Bank of Tanzania. The meeting brought together senior officials from central banks, financial authorities, and regulatory bodies in the region to discuss key financial stability topics.

The meeting, co-chaired by Lesetja Kganyago, Governor of the South African Reserve Bank, and Denny Kalyalya, Governor of the Bank of Zambia, covered a range of topics, including global and regional financial vulnerabilities, non-bank financial intermediation (NBFI), the impact of debt and foreign exchange market strains on financial stability, and the use of artificial intelligence (AI) in finance. Members also discussed the FSB’s 2026 work programme.

Public responses to consultation on Scope of Insurers Subject to the Recovery and Resolution Planning Requirements in the FSB Key Attributes

19 February 2026 | PDF full text (540 KB)

Summary of document history

Summary of document history

On 25 November 2025, the FSB published Scope of Insurers Subject to the Recovery and Resolution Planning Requirements in the FSB Key Attributes: Consultation report. Interested parties were invited to provide written comments by 6 February 2026. The public comments received are available below.

Responses received
American Council of Life Insurers Association of British Insurers (ABI) Assuris General Insurance Association of Japan Geneva Association Global Federation of Insurance Associations (GFIA) Institute of International Finance (IIF) Life Insurance Association of Japan National Association of Insurance Commissioners (NAIC)

The FSB thanks those who took the time and effort to express their views. The FSB expects to publish the final guidance in Q2-Q3 of this year.

Strategic review of FSB crisis preparedness activities

Supporting member authorities in strengthening their crisis preparedness is a pillar of the FSB’s mandate to promote global financial stability.

Over 15 years of standard-setting by the Financial Stability Board (FSB), anchored in the Key Attributes of Effective Resolution Regimes for Financial Institutions and sectoral guidance, has laid a solid foundation for addressing financial crises. Several periods of turmoil have tested the resolution framework since its initial adoption in 2011.

These episodes highlighted its significant benefits but also uncovered gaps in the framework and its implementation, underscoring the need for better integration with broader crisis preparedness activities. A resilient global financial system depends on the ability of authorities to respond swiftly and effectively to financial institution distress or sectoral disruptions. This, in turn, requires thorough preparation by both authorities and financial institutions in advance of any potential failure.

The strategic review aims to:

  • strengthen and, where necessary, adapt the FSB’s crisis preparedness activities to respond to changes and emerging vulnerabilities in the global financial system, drawing on lessons learnt from the crises that have occurred since the FSB’s formation in 2009.
  • enhance the FSB’s crisis preparedness activities to consider all stages of a crisis, from early intervention measures through recovery and resolution to post-stabilisation restructuring.
  • refine internal processes and organisational structure to achieve the FSB’s strategic objectives for crisis preparedness.
  • strengthen the central role of the Key Attributes of Effective Resolution Regimes for Financial Institutions as the international standard for resolution regimes for financial institutions.

The FSB has appointed Andrea Enria, former Chair of the Supervisory Board of the European Central Bank and the first Chair of the European Banking Authority, to lead a high-level group who will conduct the strategic review of the FSB’s crisis preparedness activities. On his appointment, Mr Enria said, “The ability to manage crises effectively is not just a technical requirement but a cornerstone of global financial stability. I am honoured to chair this strategic review of the FSB’s crisis preparedness activities, which aims to ensure that the crisis management framework remains credible and fit for purpose.”

Vulnerabilities in Government Bond-backed Repo Markets

4 February 2026 | PDF full text (2 MB)

Given the importance of repo markets within the global financial system, it is critical that their functionality is preserved, particularly during times of stress.

Repo markets play an important role in facilitating the flow of cash and securities throughout the financial system. They allow some market participants to source required short-term funding or collateral and others to undertake short-term, low-risk investment of cash. At the same time, the structure and use of repo markets give rise to vulnerabilities. Borrowing through repo markets enables leverage, can lead to over reliance on short-term funding, and facilitates greater liquidity and maturity transformation. Additionally, repo markets serve as a key channel through which the financial system is interconnected. Recent stress events have highlighted how these vulnerabilities could amplify shocks quickly across the financial system.

This report assesses vulnerabilities in government bond-backed repo markets and possible contagion channels to the broader financial system

The report explains how repo markets function, outlines key features of repo markets around the world, assesses ways to monitor vulnerabilities and associated data gaps, and concludes with relevant policy implications.