FMA publishes Financial Market Stability Report 2025 with contribution from the Liechtenstein Institute

The Financial Market Stability Report analyzes the current challenges to the stability of Liechtenstein’s financial sector. It concludes that, overall, the Liechtenstein financial sector is stable and resilient in a difficult environment. Measures recommended in recent years’ reports and implemented by the Financial Market Stability Committee are already having an effect. The borrower-based measures have strengthened financial stability and reduced systemic risks – in particular the vulnerabilities of banks with regard to the real estate market. According to the FMA, the harmonization of the definition of sustainable affordability was important in this context, also for comparability in the banking sector.

Andreas Brunhart and Martin Geiger have once again contributed a guest article, data, and assessments to this year’s Financial Stability Report. The guest article focuses on the strong response of the Liechtenstein economy to increasing geopolitical fragmentation and heightened economic uncertainty.

Financial Stability Report 2025 (Financial Market Authority Liechtenstein)