Overview
The Bank of England’s financial stability objective is to protect and enhance the stability of the financial system of the United Kingdom. The Systemic Risk Survey contributes to this objective by quantifying and tracking, on a biannual basis, market participants’ views of risks to, and their confidence in, the stability of the UK financial system.footnote [1]
The survey is generally completed by executives responsible for firms’ risk management or treasury functions. The results presented are based on responses to the survey and do not necessarily reflect the Bank of England’s views on risks to the UK financial system. Participants include UK banks and building societies, large foreign banks, asset managers, hedge funds, insurers, pension funds, large non-financial companies and central counterparties. Summary statistics are calculated by giving equal weight to each survey response.
Additional background information on the survey is available in the 2009 Q3 Quarterly Bulletin article Bank of England Systemic Risk Survey.
This report presents the results of the 2024 H2 survey, which was conducted between 23 July and 12 August.
55 firms participated in the 2024 H2 survey, representing a 68% response rate.
Key results from 2024 H2 survey
- Survey respondents remain confident in the stability of the UK financial system, reporting a higher level of confidence than in 2024 H1.
- The perceived probability of a high-impact event affecting the UK financial system in both the short-term and medium-term has fallen further.
- Geopolitical risk and cyber attack remain the most frequently cited risks among participants, with the proportion of those citing geopolitical risk increasing further to its highest level recorded in the survey.
- The share of survey respondents citing risks associated with an overseas/global downturn increased sharply, to its highest level since 2019 H2, while the shares citing climate risks and inflation risks have fallen further. For the first time in the survey, respondents cited risks associated with IT, for example external vendor issues and disruption of IT infrastructure, as their ‘number one’ risk.
- Geopolitical risk and cyber attack continue to be considered by a majority of respondents as the most challenging risks to manage, and the most likely to materialise.
Confidence in the UK financial system
Respondents were asked about the level of confidence they have in the stability of the UK financial system over the next three years.
Chart 1 represents the results in one weighted measure, while the figures below and in Table A1 refer to simple percentages.
Survey participants reported a higher level of confidence in the UK financial system than in 2024 H1.
- 40% of respondents judge themselves as completely or very confident (+11 percentage points relative to the 2024 H1 survey).
- 56% of respondents judge themselves as being fairly confident in the UK financial system (-9 percentage points).
- 4% of respondents judge themselves as being not very confident (-2 percentage points).
Chart 1: Confidence in the stability of the UK financial system as a whole over the next three years (a)
Footnotes
- Sources: Bank of England Systemic Risk Surveys and Bank calculations.
- (a) Respondents were asked how much confidence they had in the stability of the UK financial system as a whole over the next three years. The net percentage balance is calculated by weighting responses as follows: complete confidence (1), very confident (0.5), fairly confident (0), not very confident (-0.5) and no confidence (-1). Bars show the contribution of each component to the net percentage balance.
Probability of a high-impact event in the UK financial system
Respondents were asked for their view on the probability of a high-impact event in the UK financial system in the short and medium term.footnote [2]
Charts 2 and 3 represent results in one weighted measure, while the figures below and in Table A1 refer to simple percentages.
Respondents judge that the likelihood of a high-impact event is lower than judged in the previous survey over the short term and medium term.
Over the short term (0–12 months):
- No respondents consider the likelihood of a high-impact event to be very high (unchanged since the 2024 H1 survey).
- 17% of all respondents consider the likelihood of a high-impact event to be high (-8 percentage points).
- 46% of all respondents consider the likelihood of a high-impact event to be medium (-4 percentage points).
- 37% of all respondents consider the likelihood of a high-impact event to be low (35%, +12 percentage points) or very low (2%, -1 percentage point).
Footnotes
- Sources: Bank of England Systemic Risk Surveys and Bank calculations.
- (a) Respondents were asked what is the probability of a high-impact event in the UK financial system in the short term. And also, how they thought this probability had changed over the past six months. From the 2009 H2 survey onwards, short term was defined as 0–12 months.
- (b) Bars show the contribution of each component to the net percentage balance. The net percentage balance in this chart is calculated by weighting responses as follows: very high (1), high (0.5), medium (0), low (-0.5) and very low (-1).
Over the medium term (1–3 years):
- No respondents judge that the probability of a high-impact event over the medium term is very high (-8 percentage points relative to the 2024 H1 survey).
- 2% of respondents judge that the probability of a high-impact event over the medium term is very low (+2 percentage points), and 13% judge that it is low (-2 percentage points).
- 43% of respondents judge that the probability of a high-impact event over the medium term is high (+5 percentage points).
Footnotes
- Sources: Bank of England Systemic Risk Surveys and Bank calculations.
- (a) Respondents were asked what is the probability of a high-impact event in the UK financial system in the medium term, and how they thought this probability had changed over the past six months. From the 2009 H2 survey onwards, medium term was defined as 1–3 years.
- (b) See footnote (b) of Chart 2.
Sources of risk to the UK financial system
Respondents were asked to list the five risks they thought would have the greatest impact on the UK financial system if they were to materialise. To give an overview of the results, answers, which were provided in free-text format, have been grouped into the 27 categories shown in Table A2.footnote [3] Below is a list of the risks that were most frequently cited by the respondents in the 2024 H2 survey as one of their top five risks (Chart 4):
1. Geopolitical risk (cited by 93% of respondents, +8 percentage points since the 2024 H1 survey).
2. Cyber attack (80%, +10 percentage points).
3. Risks associated with a UK economic downturn (45%, +1 percentage point).
4. Risks associated with an overseas/global economic downturn (33%, +19 percentage points).
5. Climate risk (29%, -7 percentage points).
The risks most commonly cited by market participants as their ‘number one’ source of risk to the UK financial system (Chart 5) were:
1. Geopolitical risk (42%, +1 percentage points).
2. Cyber attack (31%, +10 percentage points).
3=. Risks associated with a UK economic downturn (5%, -7 percentage points).
3=. Risks associated with an overseas/global economic downturn (5%, +3 percentage points).
5=. Inflation risk (4%, -1 percentage points).
5=. IT Risk (4%, +4 percentage points).
Geopolitical risk and cyber attack remain the most frequently cited risks among participants, with the proportion of those citing geopolitical risk increasing further to its highest level recorded in the survey.
The share of survey respondents citing risks associated with an overseas/global downturn increased sharply, to its highest level since 2019 H2, while the shares citing climate risks and inflation risks have fallen further. For the first time in the survey, respondents cited risks associated with IT as their ‘number one’ risk.
- The two most frequently cited risks – geopolitical risk and cyber attack – were also the most frequently cited in the previous survey. Respondents reported a range of concerns within these two categories, including ongoing conflicts, global elections, and the potential for cyber attacks to impact the whole financial system including banking system infrastructure.
- The next most cited risks continued to be those associated with a UK economic downturn, at 45% (+1 percentage point since the 2024 H1 survey), though fewer respondents now cite it as their number one risk (5%, -7 percentage points).
- The proportion of respondents citing climate risk has fallen in recent surveys, and is at 29% (-7 percentage points), the lowest since 2022 H2. Meanwhile the share of respondents citing risks associated with an overseas/global economic downturn jumped to 33% (+19 percentage points), its highest since 2019 H2.
- The share of respondents citing inflation risk in (a) their top five risks, or (b) as their number one risk continued to decrease to 24% (-17 percentage points) and 4% (-1 percentage points) respectively.
- There was an uptick in the share of respondents citing risks associated with IT, for example external vendor issues and disruption of IT infrastructure (11%, +9 percentage points), and for the first time in the survey, some cited it as their ‘number one’ risk (4%).
Footnotes
- Sources: Bank of England Systemic Risk Surveys and Bank calculations.
- (a) Respondents were asked to list the five risks they thought would have the greatest impact on the UK financial system if they were to materialise. Answers were in a free-text format and were grouped into categories after the questionnaires had been submitted; only one category was selected for each answer. Chart figures are the percentages of respondents citing a given risk at least once, among respondents citing at least one key risk. The chart shows the top five categories; see the data appendix for additional categories.
- (b) Risks cited in previous surveys have been regrouped into the categories used to describe the latest data.
Footnotes
- Sources: Bank of England Systemic Risk Surveys and Bank calculations.
- (a) Respondents were asked to list the five risks they thought would have the greatest impact on the UK financial system if they were to materialise, in order of potential impact (ie greatest impact first). Answers were in a free-text format and were grouped into categories after the questionnaires had been submitted; only one category was selected for each answer. Chart figures are the percentages of respondents citing a given risk as their number one key risk, among respondents citing at least one key risk. The chart shows the top six ‘number one’ sources of risk that have been cited in the most recent survey; see the data appendix for more detail.
- (b) Risks cited in previous surveys have been regrouped into the categories used to describe the latest data.
Most challenging risks to manage as a firm
Respondents were asked to rank which of the five risks they identified would be the most challenging to manage, should they materialise.
Geopolitical risk and cyber attack are still considered to be most challenging to manage for a majority of firms.
The most cited risks are shown below (Chart 6):
1=. Geopolitical risk (71% of respondents, +1 percentage points since the 2024 H1 survey).
1=. Cyber attack (71%, +12 percentage points).
3. Risks associated with an overseas/global economic downturn (22%, +12 percentage points).
4. Risks associated with a UK economic downturn (16%, -2 percentage points).
5. Climate risk (15%, -1 percentage points).
6. IT risk (11%, +11 percentage points).
Footnotes
- Sources: Bank of England Systemic Risk Surveys and Bank calculations.
- (a) After respondents had listed the five risks they believed would have the greatest impact on the UK financial system if they were to materialise, they were asked which three of these risks they would find most challenging to manage as a firm. Answers were in a free-text format and were grouped into categories after the questionnaires had been submitted; only one category was selected for each answer. Chart figures are the percentages of respondents citing a given risk at least once, among respondents citing at least one key risk. The chart shows the top six categories only; see the data appendix for additional categories.
- (b) Risks cited in previous surveys have been regrouped into the categories used to describe the latest data.
Key risks most likely to materialise
Respondents were asked to indicate which three of the five risks they thought would be the most probable to materialise.footnote [4]
The most cited risks are shown below (Chart 7):
1. Geopolitical risk (75% of respondents, + 8 percentage points since the 2024 H1 survey).
2. Cyber attack (60%, +20 percentage points).
3. Risks associated with a UK economic downturn (29%, -8 percentage points).
4. Risks associated with an overseas/global economic downturn (22%, +10 percentage points).
Footnotes
- Sources: Bank of England Systemic Risk Surveys and Bank calculations.
- (a) After respondents had listed the five risks they believed would have the greatest impact on the UK financial system if they were to materialise, they were asked which three of these risks they thought were most likely to materialise. Answers were in a free-text format and were grouped into categories after the questionnaires had been submitted; only one category was selected for each answer. Chart figures are the percentages of respondents citing a given risk at least once, among respondents citing at least one key risk.
- (b) Risks cited in previous surveys have been regrouped into the categories used to describe the latest data.
- (c) The risks presented in this chart include only those cited as most likely to materialise by at least 5% of respondents. Please refer to Table A4 in the data appendix for details.
- Geopolitical risk and cyber attack remain the most likely to materialise according to respondents, with a significant increase in those citing a cyber attack since 2024 H1.
- The likelihood of risks associated with an overseas/global economic downturn has also grown since the 2024 H1 survey.
- Concerns around UK political risk have decreased since the previous survey to 4%, with a 13 percentage point decline in respondents citing this as one of the most likely risks to materialise since 2024 H1.
Data appendix
Aggregate risks to the UK financial system (a) (b)
2019 H1
2019 H2
2021 H2
2022 H1
2022 H2
2023 H1
2023 H2
2024 H1
2024 H2
Probability of a high-impact event in the UK financial system in the short term (c)
Very high
6
15
3
1
14
6
2
0
0
High
46
57
19
30
48
46
36
24
17
Medium
35
21
48
46
35
33
32
50
46
Low
12
6
24
21
3
14
27
23
35
Very low
1
0
5
1
0
1
4
3
2
Probability of a high-impact event in the UK financial system in the medium term (c)
Very high
9
6
9
9
17
11
7
8
0
High
42
57
43
37
55
56
50
38
43
Medium
38
32
40
53
26
28
34
39
43
Low
10
4
9
1
2
6
9
15
13
Very low
1
1
0
0
0
0
0
0
2
Change in the probability over the past six months of a high-impact event in the UK financial system in the short term (d)
Increased
44
68
7
39
83
51
23
35
26
Unchanged
51
31
57
51
15
35
59
52
57
Decreased
5
1
36
10
2
14
18
14
17
Change in the probability over the past six months of a high-impact event in the UK financial system in the medium term (d)
Increased
26
43
22
33
69
42
27
32
24
Unchanged
73
56
66
61
29
51
70
65
67
Decreased
1
1
12
6
2
7
4
3
9
Confidence in the stability of the UK financial system as a whole over the next three years (e)
Complete confidence
1
0
0
1
0
1
2
0
2
Very confident
30
33
50
44
42
24
29
29
38
Fairly confident
63
60
45
51
55
69
63
65
56
Not very confident
6
7
5
3
3
6
7
6
4
No confidence
0
0
0
0
0
0
0
0
0
Change in confidence over the past six months (f)
Increased
2
4
22
9
0
7
7
5
16
Unchanged
77
73
72
81
71
50
80
80
73
Decreased
21
24
5
10
29
43
13
15
11
Footnotes
- Sources: Bank of England Systemic Risk Surveys and Bank calculations.
- (a) Entries are percentages of respondents and may not sum to 100% due to rounding.
- (b) The survey has been undertaken biannually since 2009, following a pilot survey conducted in July 2008.
- (c) Respondents were asked what the probability of a high-impact event in the UK financial system was in their view, for both the short and medium term. Since the 2009 H2 survey, short and medium term have been specifically identified as 0–12 months and 1–3 years respectively. These terms were not explicitly defined in earlier surveys.
- (d) Respondents were asked how the probability had changed over the past six months for the short and medium term. Since the 2009 H2 survey, short and medium term have been specifically identified as 0–12 months and 1–3 years respectively. These terms were not explicitly defined in earlier surveys.
- (e) Respondents were asked how much confidence they had in the stability of the UK financial system as a whole over the next three years.
- (f) Respondents were asked how their confidence had changed over the past six months. The question was asked from 2010 H1 onwards.
Sources of risk to the UK financial system (a) (b) (c) (d)
2019 H1
2019 H2
2021 H2
2022 H1
2022 H2
2023 H1
2023 H2
2024 H1
2024 H2
Geopolitical risk
62
58
59
63
72
79
66
85
93
Cyber attack
60
61
74
79
74
75
80
70
80
Risks associated with a UK economic downturn
23
23
12
14
20
32
52
44
45
Risks associated with an overseas/global economic downturn
38
38
14
6
20
22
16
14
33
Climate risk
4
15
33
24
23
39
39
36
29
Inflation risk
6
2
33
63
72
53
57
41
24
Household/corporate credit risk
6
5
7
9
8
10
7
20
24
Risk of financial market disruption/dislocation
27
31
31
24
17
13
21
14
22
Other
7
4
21
18
23
19
14
11
22
Risks surrounding artificial intelligence
0
0
0
0
0
0
7
14
15
Risk of infrastructure disruption
5
4
2
0
0
1
7
12
15
Risks around regulation/taxes
19
17
21
9
6
17
11
15
13
IT risk
0
0
0
1
0
0
5
2
11
Operational risk
4
6
21
27
20
21
16
12
11
Risk of property price falls
14
11
12
13
3
10
11
11
7
UK political risk
93
96
40
26
34
28
16
21
7
Sovereign risk
11
0
0
1
2
4
2
3
7
Risk of financial institution failure/distress
12
14
7
4
6
6
14
17
5
Risks around public anger against, or distrust of, financial institutions
0
0
0
3
5
1
0
3
4
Funding risk
5
4
0
3
2
7
9
8
4
Risk of loss of confidence in the authorities
4
4
2
1
0
3
2
2
4
Risk of tightening in credit conditions
5
0
5
11
17
8
5
3
2
Risks surrounding monetary and fiscal policy
14
10
9
4
5
7
9
6
2
Risk of lack of confidence in ratings, valuations and disclosure
0
1
0
0
0
3
0
3
0
Risk surrounding the low interest rate environment (e)
2
12
3
0
0
0
0
0
0
Pandemic risk
0
0
57
51
31
8
5
3
0
Number one source of risk to the UK financial system (f)
Geopolitical risk
5
5
2
13
17
28
23
41
42
Cyber attack
14
6
19
34
17
10
27
21
31
Risks associated with a UK economic downturn
1
1
2
6
8
14
16
12
5
Risks associated with an overseas/global economic downturn
2
5
2
0
3
4
0
2
5
Inflation risk
1
0
12
23
38
25
14
5
4
IT risk
0
0
0
0
0
0
0
0
4
Household/corporate credit risk
0
0
0
0
2
3
0
5
2
Risk of financial institution failure/distress
0
0
2
1
0
0
2
2
2
Risk of financial market disruption/dislocation
2
0
3
1
3
0
5
2
2
Operational risk
0
1
0
0
0
1
0
5
2
Risks around regulation/taxes
0
0
3
1
3
1
0
2
2
Funding risk
0
0
0
0
0
0
2
0
0
Risk of infrastructure disruption
2
0
0
0
0
1
2
2
0
Risks around public anger against, or distrust of, financial institutions
0
0
0
0
0
1
0
0
0
Risk of lack of confidence in ratings, valuations and disclosure
0
0
0
0
0
0
0
0
0
Risk of loss of confidence in the authorities
0
0
0
0
0
1
0
0
0
Other
0
0
0
3
0
1
0
0
0
Risk of property price falls
0
0
0
0
0
3
2
0
0
Sovereign risk
0
0
0
0
0
1
2
0
0
Risk of tightening in credit conditions
0
0
2
3
2
1
0
0
0
UK political risk
69
79
10
1
2
1
0
3
0
Risks surrounding monetary and fiscal policy
1
2
2
1
3
1
4
0
0
Risk surrounding the low interest rate environment (e)
0
0
0
0
0
0
0
0
0
Pandemic risk
0
0
38
11
2
0
0
0
0
Climate risk
1
1
3
0
2
0
0
0
0
Risk surrounding cryptocurrencies
0
0
0
0
0
0
0
0
0
Footnotes
- Sources: Bank of England Systemic Risk Surveys and Bank calculations.
- (a) Respondents were asked which five risks they believed would have the greatest impact on the UK financial system if they were to materialise, in order of potential impact (ie greatest impact first). Answers were provided in a free-text format and were subsequently coded into the above categories; only one category was selected for each answer. Risks cited in previous surveys have been regrouped into the categories used to describe the latest data.
- (b) The survey has been undertaken biannually since 2009, following a pilot survey conducted in July 2008.
- (c) Figures are expressed as nearest whole integer, so may appear inconsistent with figures shown in the text of the survey.
- (d) Percentages of respondents citing each risk at least once in their top five, among those citing at least one risk.
- (e) The definition of this risk includes risks associated with a snapback in low rates to more normal levels, as well as risks directly associated with low rates.
- (f) Percentages of respondents citing each risk as their number one risk (ie the risk with the greatest potential impact), among those citing at least one source of risk.
Risks most challenging to manage as a firm (a) (b) (c)
2019 H1
2019 H2
2021 H2
2022 H1
2022 H2
2023 H1
2023 H2
2024 H1
2024 H2
Cyber attack
52
48
58
65
56
50
70
59
71
Geopolitical risk
35
32
32
40
48
49
46
70
71
Risks associated with an overseas/global economic downturn
14
21
4
4
6
11
11
10
22
Risks associated with a UK economic downturn
6
14
7
4
13
24
29
18
16
Climate risk
3
4
21
15
13
15
20
16
15
IT risk
0
0
0
0
0
0
5
0
11
Risk of financial market disruption/dislocation
10
12
12
10
11
3
5
3
11
Other
6
1
16
13
6
13
5
7
11
Inflation risk
1
3
23
46
61
40
41
16
9
Risk of infrastructure disruption
4
4
2
0
0
1
7
10
9
Household/corporate credit risk
0
3
7
4
5
7
2
16
7
Risks around regulation/taxes
11
8
16
6
5
11
4
7
7
Risks surrounding artificial intelligence
0
0
0
0
0
0
2
10
5
Operational risk
0
0
9
18
11
11
7
8
5
UK political risk
82
75
25
10
14
11
7
7
4
Sovereign risk
8
0
0
0
0
3
2
2
4
Risk of financial institution failure/distress
8
8
5
4
5
0
9
8
4
Risk of property price falls
6
1
4
3
0
6
2
8
2
Funding risk
3
1
0
1
2
6
9
2
2
Risks around public anger against, or distrust of, financial institutions
0
0
0
1
3
0
0
3
2
Risk of loss of confidence in the authorities
1
1
0
0
0
3
0
2
2
Risk of tightening in credit conditions
1
0
4
4
11
3
4
2
2
Pandemic risk
0
0
40
29
9
4
0
0
0
Risk of lack of confidence in ratings, valuations and disclosure
0
1
0
0
0
0
0
0
0
Risks surrounding monetary and fiscal policy
1
3
4
4
3
3
4
3
0
Risk surrounding the low interest rate environment (d)
0
5
0
0
0
0
0
0
0
Risk surrounding cryptocurrencies
0
0
0
0
0
0
0
0
0
Cited at least one key risk, but did not cite any risk as challenging to manage (%)
12
13
0
0
0
0
0
0
0
Number of respondents citing at least one source of risk
81
84
58
70
65
72
56
64
55
Footnotes
- Sources: Bank of England Systemic Risk Surveys and Bank calculations.
- (a) After respondents had listed the five risks, they believed would have the greatest impact on the UK financial system if they were to materialise, they were asked which three of these risks they would find most challenging to manage as a firm. Answers were provided in a free-text format and were subsequently coded into the above categories; only one category was selected for each answer. Risks cited in previous surveys have been regrouped into the categories used to describe the latest data. Table entries are the percentages of respondents citing each risk at least once in this second question, among those citing at least one source of risk.
- (b) The survey has been undertaken biannually since 2009, following a pilot survey conducted in July 2008.
- (c) Figures are expressed as nearest whole integer, so may appear inconsistent with figures shown in the text of the survey.
- (d) The definition of this risk includes risks associated with a snapback in low rates to more normal levels, as well as risks directly associated with low rates.
Risks most probable to materialise (a) (b) (c)
2022 H2
2023 H1
2023 H2
2024 H1
2024 H2
Geopolitical risk
54
54
41
67
75
Cyber attack
37
38
46
40
60
Risks associated with a UK economic downturn
20
25
39
37
29
Risks associated with an overseas economic downturn
18
13
7
10
22
Inflation risk
63
45
52
20
15
Climate risk
9
11
16
15
15
Household/corporate credit risk
5
8
4
12
15
Risk of financial market disruption/dislocation
6
3
11
8
15
Operational risk
6
11
11
10
11
Other
15
13
4
3
9
Risk around regulation/taxes
2
7
4
10
5
Risks surrounding artificial intelligence
0
0
5
12
5
UK political risk
18
8
9
17
4
Risk of infrastructure disruption
0
1
4
7
4
Risk of property price falls
2
8
9
5
4
Risk of tightening in credit conditions
17
6
4
2
2
Sovereign risk
2
1
2
2
2
Risk of loss of confidence in the authorities
0
3
0
0
2
IT Risk
0
0
5
0
2
Risk of financial institution failure/distress
2
1
0
7
0
Funding risk
2
6
9
3
0
Risks surrounding monetary/fiscal policy
5
1
7
3
0
Pandemic risk
2
0
4
2
0
Risk of lack of confidence in ratings, valuations and disclosure
0
0
0
2
0
Risks around public anger against, or distrust of, financial institutions
5
0
0
0
0
Risks surrounding the low interest rate environment (d)
0
0
0
0
0
Risks surrounding cryptocurrencies
0
0
0
0
0
Cited at least one key risk, but did not cite any risk as most likely to materialise (%)
0
0
0
0
0
Number of respondents citing at least one source of risk
65
72
56
66
55
Footnotes
- Sources: Bank of England Systemic Risk Surveys and Bank calculations.
- (a) After respondents had listed the five risks, they believed would have the greatest impact on the UK financial system if they were to materialise, they were asked which three of these risks was most probable to materialise. This element of the survey was introduced in 2021 H2. Answers were provided in a free-text format and were subsequently coded into the above categories; only one category was selected for each answer. Risks cited in previous surveys have been regrouped into the categories used to describe the latest data. Table entries are the percentages of respondents citing each risk at least once in this second question, among those citing at least one source of risk.
- (b) The survey has been undertaken biannually since 2009, following a pilot survey conducted in July 2008.
- (c) Figures are expressed as nearest whole integer, so may appear inconsistent with figures shown in the text of the survey.
- (d) The definition of this risk includes risks associated with a snapback in low rates to more normal levels, as well as risks directly associated with low rates.
The Systemic Risk Survey has been undertaken biannually since 2009, following a pilot survey conducted in July 2008. It was published for the first time in November 2011. The survey results complement other sources of information used by the Bank to identify system-wide risks.
Since the 2009 H2 survey, short and medium term have been specifically identified as 0–12 months and 1–3 years respectively. These terms were not explicitly defined in earlier surveys.
These summary categories are adjusted over time in order to better capture current risks cited. Risks cited in previous surveys have been regrouped into the new categories to ensure comparability across survey rounds.
This question was introduced in the 2021 H2 survey.