Interest rate stress tests of Investment Funds

The Austrian Financial Market Authority (FMA) conducted interest rate stress tests in 2025 to identify interest rate sensitivity and the results interest rate risks for all Austrian undertaking for collective investment in transferable securities (UCITS) as of 30.06.2025. Portfolio data from investment funds statistics forms the basis for the stress test.

Result of the Interest Rate Shock (3 per cent interest rate increase)

The interest rate risk remains stable across the market as a whole. At investment fund management company (KAG) level, the effects of an interest rate increase differs depending on the individual business and investment policy. However, it is apparent that the range has decreased from the results. Interest rate risk has increased among KAGs with a lower than average historic interest rate risk exposure, while reducing among KAGs with a higher than average interest rate risk.

The FMA plans to monitor the risk situation further and repeat the interest rate stress test in a risk-based form on a regular basis.