{"id":25464,"date":"2025-12-12T09:00:00","date_gmt":"2025-12-12T13:00:00","guid":{"rendered":"https:\/\/gestionderiesgo.org\/?p=25464"},"modified":"2026-10-11T20:11:50","modified_gmt":"2026-10-12T00:11:50","slug":"fsi-brief-29-solvency-as-a-requirement-for-emergency-liquidity-support","status":"publish","type":"post","link":"https:\/\/gestionderiesgo.org\/en\/fsi-brief-29-solvency-as-a-requirement-for-emergency-liquidity-support\/","title":{"rendered":"Solvency as a requirement for emergency liquidity support"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" 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.cgp-cover.cgp-doc{aspect-ratio:4\/3}#cgr-pub .cgp-head{grid-template-columns:minmax(0,1fr);gap:26px}#cgr-pub .cgp-body{grid-template-columns:minmax(0,1fr);gap:30px}#cgr-pub .cgp-side{position:static}}\n@media(max-width:520px){#cgr-pub{font-size:16px}#cgr-pub .cgp-facts{grid-template-columns:minmax(0,1fr)}#cgr-pub .cgp-btn{width:100%;justify-content:center}}\n<\/style>\n<div id=\"cgr-pub\">\n<header class=\"cgp-head\">\n<figure class=\"cgp-cover cgp-doc\"><i style=\"background-image:url(https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-fsi-brief-29-solvency-as-a-requirement-for-emergency-liquidity-support.jpg?v=1791455772)\"><\/i><img fetchpriority=\"high\" src=\"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-fsi-brief-29-solvency-as-a-requirement-for-emergency-liquidity-support.jpg?v=1791455772\" width=\"720\" height=\"1018\" alt=\"Primera p\u00e1gina del documento: Solvency as a requirement for emergency liquidity support\" loading=\"eager\" decoding=\"async\"><\/figure>\n<div class=\"cgp-intro\">\n<p class=\"cgp-kind\">Technical note \u00b7 International body<\/p>\n<h2 class=\"cgp-title\">Solvency as a requirement for emergency liquidity support<\/h2>\n<p class=\"cgp-lead\">Every lender-of-last-resort loan requires the recipient to be solvent, but there is no universal definition of solvency.<\/p>\n<dl class=\"cgp-facts\"><div><dt>Organization<\/dt><dd>Financial Stability Institute (FSI) of the BIS<\/dd><\/div><div><dt>Document date<\/dt><dd>12 December 2025<\/dd><\/div><div><dt>Type<\/dt><dd>Technical note<\/dd><\/div><div><dt>Language<\/dt><dd>English<\/dd><\/div><div><dt>Scope<\/dt><dd>International<\/dd><\/div><div><dt>Length<\/dt><dd>14 pages<\/dd><\/div><div><dt>Authorship<\/dt><dd>Jay Rappaport and Rastko Vrbaski<\/dd><\/div><\/dl>\n<div class=\"cgp-actions\"><a class=\"cgp-btn\" href=\"https:\/\/www.bis.org\/fsi\/fsibriefs29.htm\" target=\"_blank\" rel=\"noopener noreferrer\"><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M14 4h6v6\"\/><path d=\"M20 4l-9 9\"\/><path d=\"M18 14v5a1 1 0 0 1-1 1H5a1 1 0 0 1-1-1V7a1 1 0 0 1 1-1h5\"\/><\/svg>See the official source<\/a><a class=\"cgp-btn alt\" href=\"https:\/\/www.bis.org\/fsi\/fsibriefs29.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M7 3h7l5 5v12a1 1 0 0 1-1 1H7a1 1 0 0 1-1-1V4a1 1 0 0 1 1-1z\"\/><path d=\"M14 3v5h5\"\/><path d=\"M9 14h6\"\/><path d=\"M9 17h4\"\/><\/svg>PDF document<\/a><\/div>\n<\/div>\n<\/header>\n<div class=\"cgp-body\">\n<div class=\"cgp-main\">\n<h3>What it contains<\/h3>\n<p>FSI Brief No 29 starts from the fact that central banks act as lenders of last resort and that the 2023 banking turmoil confirmed the importance of liquidity support in times of stress. Subsequent analyses focused on supervisory effectiveness, liquidity regulation and operational preparedness, while a precondition of every loan, that the recipient be solvent, received comparatively little attention.<\/p><p>That condition raises two difficulties: in distressed markets it can be doubtful whether a specific institution is in fact solvent, and there is no universally accepted definition of solvency. The paper compares how seven jurisdictions define and determine solvency as a condition for receiving support in times of stress, and it is limited to the concept of solvency: it does not analyze eligible collateral, tenors, pricing or interest.<\/p><p>Its conclusions: most central banks require solvency, also for emergency support; in all jurisdictions the concept broadly considers the institution\u2019s capacity to meet its obligations, but approaches differ depending on whether they focus on a snapshot of the balance sheet or on a general, forward-looking assessment of viability. In principle, the forward-looking assessment for liquidity support should be consistent with the one made to decide whether an institution is failing or likely to fail for resolution purposes, which calls for close coordination among central banks, supervisors and resolution authorities. And a certain degree of ambiguity is inevitable and can give authorities flexibility in times of stress.<\/p>\n<section class=\"cgp-importa\"><h3>Why it matters for risk management<\/h3><p>It helps to understand how access to emergency liquidity is decided and why solvency, supervision and resolution should be looked at together when planning liquidity contingencies. The analysis compares selected jurisdictions and does not describe the Dominican framework.<\/p><\/section>\n<p class=\"cgp-note\">Summary prepared by the Dominican Republic Risk Management Club from a reading of the original document, with the source verified on 7 October 2026. It does not replace reading the official text and is not advice.<\/p>\n<p class=\"cgp-back\"><a href=\"\/en\/publicaciones\/\">See all publications<\/a><\/p>\n<\/div>\n<aside class=\"cgp-side\">\n<section class=\"cgp-card\"><h3>Key points<\/h3><ul class=\"cgp-points\"><li>Most central banks require solvency in order to lend, even for emergency liquidity support.<\/li><li>It compares seven jurisdictions; all understand solvency as the capacity to meet financial obligations.<\/li><li>Approaches differ between a snapshot of the balance sheet and a forward-looking viability assessment.<\/li><li>The forward-looking assessment must be consistent with the likelihood-of-failure assessment for resolution purposes.<\/li><li>Coordination is needed among central banks, supervisors and resolution authorities.<\/li><\/ul><\/section>\n<section class=\"cgp-card\"><h3>How to cite it<\/h3><p class=\"cgp-cite\">Rappaport, J. and Vrbaski, R. (2025). Solvency as a requirement for emergency liquidity support. FSI Briefs, No 29. Basel: Bank for International Settlements, 12 December 2025.<\/p><\/section>\n<section class=\"cgp-card\"><h3>Topics<\/h3><ul class=\"cgp-chips\"><li><a href=\"\/en\/publicaciones\/?tema=riesgo-de-mercado-y-liquidez\">Market and liquidity risk<\/a><\/li><li><a href=\"\/en\/publicaciones\/?tema=estabilidad-financiera\">Financial stability<\/a><\/li><\/ul><\/section>\n<\/aside>\n<\/div>\n<\/div><link rel=\"stylesheet\" href=\"https:\/\/fonts.googleapis.com\/css2?family=Zilla+Slab:wght@500;600&display=swap\">\n<footer id=\"cgr-foot\" aria-label=\"Footer of the Risk Management Club\">\n<style>\n#main{padding-bottom:0!important}\n.fusion-fullwidth:has(#cgr-foot),.fusion-layout-column:has(#cgr-foot){padding-bottom:0!important;margin-bottom:0!important}\n#cgr-foot{--navy:#0E3351;--blue:#186392;--web:#1A80B6;--red:#E22A3A;--ink:#1C2632;--slate:#5B6775;--line:#D9E1EA;--mist:#F2F5F8;\n  position:relative;margin:96px 0 0;padding:0;background:var(--mist);box-shadow:0 0 0 100vmax 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Av. Tiradentes at the corner of Presidente Gonz\u00e1lez, Ensanche Naco, Santo Domingo<\/span><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M5 4h4l2 5-2.5 1.5a11 11 0 0 0 5 5L15 13l5 2v4a2 2 0 0 1-2 2A16 16 0 0 1 3 6a2 2 0 0 1 2-2\"\/><\/svg><span><a href=\"tel:+18097453289\">809-745-3289<\/a><br><a href=\"tel:+18494774959\">849-477-4959<\/a><a class=\"cgf-wa\" href=\"https:\/\/wa.me\/18494774959\" target=\"_blank\" rel=\"noopener\" aria-label=\"Escribir por WhatsApp al 849-477-4959 (se abre en una pesta\u00f1a nueva)\" title=\"WhatsApp\"><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M17.472 14.382c-.297-.149-1.758-.867-2.03-.967-.273-.099-.471-.148-.67.15-.197.297-.767.966-.94 1.164-.173.199-.347.223-.644.075-.297-.15-1.255-.463-2.39-1.475-.883-.788-1.48-1.761-1.653-2.059-.173-.297-.018-.458.13-.606.134-.133.298-.347.446-.52.149-.174.198-.298.298-.497.099-.198.05-.371-.025-.52-.075-.149-.669-1.612-.916-2.207-.242-.579-.487-.5-.669-.51-.173-.008-.371-.01-.57-.01-.198 0-.52.074-.792.372-.272.297-1.04 1.016-1.04 2.479 0 1.462 1.065 2.875 1.213 3.074.149.198 2.096 3.2 5.077 4.487.709.306 1.262.489 1.694.625.712.227 1.36.195 1.871.118.571-.085 1.758-.719 2.006-1.413.248-.694.248-1.289.173-1.413-.074-.124-.272-.198-.57-.347m-5.421 7.403h-.004a9.87 9.87 0 01-5.031-1.378l-.361-.214-3.741.982.998-3.648-.235-.374a9.86 9.86 0 01-1.51-5.26c.001-5.45 4.436-9.884 9.888-9.884 2.64 0 5.122 1.03 6.988 2.898a9.825 9.825 0 012.893 6.994c-.003 5.45-4.437 9.884-9.885 9.884m8.413-18.297A11.815 11.815 0 0012.05 0C5.495 0 .16 5.335.157 11.892c0 2.096.547 4.142 1.588 5.945L.057 24l6.305-1.654a11.882 11.882 0 005.683 1.448h.005c6.554 0 11.89-5.335 11.893-11.893a11.821 11.821 0 00-3.48-8.413Z\"\/><\/svg><\/a><\/span><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><rect x=\"3\" y=\"5\" width=\"18\" height=\"14\" rx=\"2\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><a href=\"mailto:info@gestionderiesgo.org\">info@gestionderiesgo.org<\/a><\/li>\n      <li><svg viewbox=\"0 0 24 24\" aria-hidden=\"true\"><circle cx=\"12\" cy=\"12\" r=\"9\"\/><path d=\"M12 7v5l3 2\"\/><\/svg><span>Monday to Thursday, 8:30 a.m. to 5:30 p.m.<br>Friday, 8:30 a.m. to 5:00 p.m.<\/span><\/li>\n    <\/ul>\n  <\/div>\n<\/div>\n\n<div class=\"cgf-bar\">\n  <div class=\"cgf-legal\"><img decoding=\"async\" class=\"cgf-pay\" src=\"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2023\/01\/Verified.png\" alt=\"Verified by Visa y Mastercard ID Check\" width=\"101\" height=\"34\" loading=\"lazy\"><p>\u00a9 2026 Gesti\u00f3n de Riesgo RD, SRL. All rights reserved.<\/p><\/div>\n  <nav class=\"cgf-pol\" aria-label=\"Policies\">\n    <a href=\"\/en\/politicasdeprivacidad\/\">Privacy<\/a><a href=\"\/en\/terminos-y-condiciones-2\/\">Terms and Conditions<\/a><a href=\"\/en\/politicas-de-reembolso\/\">Delivery and refunds<\/a><a href=\"\/en\/politicas-de-seguridad\/\">Security<\/a><a href=\"\/en\/preguntas-frecuentes\/\">Frequently asked questions<\/a>\n  <\/nav>\n<\/div>\n<\/footer>\n\n<style>#cgr-foot .cgf-ct li a.cgf-wa{display:inline-flex;vertical-align:middle;margin-left:8px}#cgr-foot .cgf-ct li a.cgf-wa svg{width:18px;height:18px;margin:0;fill:#25D366;stroke:none}<\/style><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>FSI Brief 29 compares how seven jurisdictions apply the solvency requirement for central banks\u2019 emergency liquidity support and concludes that it should be coordinated with the viability assessment in resolution.<\/p>","protected":false},"author":1,"featured_media":25564,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":true,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"cgp_org":"Instituto para la Estabilidad Financiera (FSI) del BIS","cgp_siglas":"FSI","cgp_tipo":"Nota t\u00e9cnica","cgp_fecha":"2025-12-12","cgp_url":"https:\/\/www.bis.org\/fsi\/fsibriefs29.htm","cgp_pdf":"https:\/\/www.bis.org\/fsi\/fsibriefs29.pdf","cgp_idioma":"Ingl\u00e9s","cgp_pais":"Internacional","cgp_temas":"Riesgo de mercado y liquidez,Estabilidad financiera","cgp_portada":"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-fsi-brief-29-solvency-as-a-requirement-for-emergency-liquidity-support.jpg","cgp_verificado":"2026-10-07","cgp_origen":"migrada","cgp_fuente":"Organismo internacional","cgp_paginas":"14","cgp_autores":"Jay Rappaport y Rastko Vrbaski","cgp_fecha_texto":"","cgp_portada_tipo":"doc","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[74],"tags":[],"class_list":["post-25464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-publicaciones-del-sector"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/gestionderiesgo.org\/wp-content\/uploads\/2026\/10\/pub-fsi-brief-29-solvency-as-a-requirement-for-emergency-liquidity-support.jpg","_links":{"self":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/25464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/comments?post=25464"}],"version-history":[{"count":4,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/25464\/revisions"}],"predecessor-version":[{"id":26239,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/posts\/25464\/revisions\/26239"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/media\/25564"}],"wp:attachment":[{"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/media?parent=25464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/categories?post=25464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gestionderiesgo.org\/en\/wp-json\/wp\/v2\/tags?post=25464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}