{"id":15698285,"date":"2025-09-10T13:44:01","date_gmt":"2025-09-10T11:44:01","guid":{"rendered":"https:\/\/www.fma.gv.at\/?page_id=15698285"},"modified":"2025-09-29T08:34:03","modified_gmt":"2025-09-29T06:34:03","slug":"national-stress-tests","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/national-stress-tests\/","title":{"rendered":"National Stress Tests"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><div class=\"wp-block-cover is-light has-custom-content-position is-position-bottom-right\"><img loading=\"lazy\" decoding=\"async\" width=\"1700\" height=\"716\" class=\"wp-block-cover__image-background wp-image-3030084 size-full\" alt=\"\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/04\/ESG-Dashboard-Cover.jpg\" data-object-fit=\"cover\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/04\/ESG-Dashboard-Cover.jpg 1700w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/04\/ESG-Dashboard-Cover-320x135.jpg 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/04\/ESG-Dashboard-Cover-640x270.jpg 640w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/04\/ESG-Dashboard-Cover-1536x647.jpg 1536w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim\" style=\"background-color:#a5a1a8\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<p class=\"has-text-align-right has-medium-font-size wp-block-paragraph\">National Stress Tests &ndash; Pension Companies<\/p>\n<\/div><\/div><div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><p class=\"wp-block-paragraph\">The Austrian Financial Market Authority (FMA) regularly conducts stress tests to analyse the risks and vulnerabilities of the pension company sector especially with regard to the current economic climate as well as for assessing the risk capacity of the individual pension companies. In this case the effects of a low interest environment that prevails for a long period of time, a sharp increase in interest rates (combined with a broadening of the credit spread) as well as the effects of variously market events are tested and various liability-side shocks simulated.<\/p><h2 class=\"wp-block-heading\">Instruments for analysing the Risks and Vulnerability of the Pension Companies Sector:<\/h2><div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:40%\">\n<ul class=\"wp-block-list\">\n<li><strong>Sensitivity analyses<\/strong> (usually) relate to a single risk factor and measure the potential reaction of a performance or risk indicator depending on how it changes. This is based on standardised changes in risk factors, the magnitude of which is not necessarily required to relate to economic conditions (in terms of being probable, improbable, historical, etc.)<br>&nbsp;&nbsp;&nbsp;&nbsp;<br>In this way, the FMA regularly analyses the sensitivities of Austrian pension companies&rsquo; bond portfolios on the asset side of the balance sheet. The accompanying calculations are conducted using an individual cashflow breakdown, including recalculating the present value as well as by using approximations. The latter is conducted on the basis of the modified duration &ndash; both with and without convexity.<\/li>\n<\/ul>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\">\n<figure data-wp-context='{\"imageId\":\"6a3b3da5a17e7\"}' data-wp-interactive=\"core\/image\" data-wp-key=\"6a3b3da5a17e7\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"945\" height=\"473\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/09\/image-4.png\" alt=\"\" class=\"wp-image-16641071\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/09\/image-4.png 945w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/09\/image-4-320x160.png 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/09\/image-4-640x320.png 640w\" sizes=\"auto, (max-width: 945px) 100vw, 945px\" \/><button class=\"lightbox-trigger\" type=\"button\" aria-haspopup=\"dialog\" data-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\" data-wp-init=\"callbacks.initTriggerButton\" data-wp-on--click=\"actions.showLightbox\" data-wp-style--right=\"state.thisImage.buttonRight\" data-wp-style--top=\"state.thisImage.buttonTop\">\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewbox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\"><\/path>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Source: FMA sensitivity analysis on bond portfolios of Austrian pension companies as of 31.12.2024<\/figcaption><\/figure>\n<\/div>\n<\/div><ul class=\"wp-block-list\">\n<li><strong>Scenario analyses<\/strong> as a rule are based on changes in (one or more) risk factors that follow an economic narrative, i.e. where their magnitude is estimated with regard to probability or plausibility.<br><br><\/li>\n\n\n\n<li><strong>Stress tests<\/strong> are scenario analyses that are based on extreme yet nonetheless plausible changes (shocks) in risk factors.<br><br><\/li>\n\n\n\n<li>In the case of <strong>Reverse Stress Tests<\/strong> the change is selected in such a way that the indicators in question achieve a certain target value.<br><br><\/li>\n<\/ul><p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Austrian Financial Market Authority (FMA) regularly conducts stress tests to analyse the risks and vulnerabilities of the pension company &#8230;<\/p>\n","protected":false},"author":20,"featured_media":3030091,"parent":15697817,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"landing-page.php","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-15698285","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>National Stress Tests - FMA \u00d6sterreich<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/national-stress-tests\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"National Stress Tests - FMA \u00d6sterreich\" \/>\n<meta property=\"og:description\" content=\"The Austrian Financial Market Authority (FMA) regularly conducts stress tests to analyse the risks and vulnerabilities of the pension company ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/national-stress-tests\/\" \/>\n<meta property=\"og:site_name\" content=\"FMA \u00d6sterreich\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-29T06:34:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/04\/ESG-Dashboard-Teaser.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1320\" \/>\n\t<meta property=\"og:image:height\" content=\"440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@FMA_AT\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/national-stress-tests\\\/\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/national-stress-tests\\\/\",\"name\":\"National Stress Tests - FMA \u00d6sterreich\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/national-stress-tests\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/national-stress-tests\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2025\\\/04\\\/ESG-Dashboard-Teaser.jpg\",\"datePublished\":\"2025-09-10T11:44:01+00:00\",\"dateModified\":\"2025-09-29T06:34:03+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/national-stress-tests\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/national-stress-tests\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/national-stress-tests\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2025\\\/04\\\/ESG-Dashboard-Teaser.jpg\",\"contentUrl\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2025\\\/04\\\/ESG-Dashboard-Teaser.jpg\",\"width\":1320,\"height\":440},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/national-stress-tests\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Pensionskassen\",\"item\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Stress Tests &#8211; Pension Companies\",\"item\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"National Stress Tests\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/\",\"name\":\"FMA \u00d6sterreich\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#organization\",\"name\":\"FMA - Finanzmarktaufsicht\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2017\\\/05\\\/FMA_Logo_Twitter_400x400.png\",\"contentUrl\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2017\\\/05\\\/FMA_Logo_Twitter_400x400.png\",\"width\":400,\"height\":400,\"caption\":\"FMA - Finanzmarktaufsicht\"},\"image\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/FMA_AT\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"National Stress Tests - FMA \u00d6sterreich","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/national-stress-tests\/","og_locale":"en_US","og_type":"article","og_title":"National Stress Tests - FMA \u00d6sterreich","og_description":"The Austrian Financial Market Authority (FMA) regularly conducts stress tests to analyse the risks and vulnerabilities of the pension company ...","og_url":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/national-stress-tests\/","og_site_name":"FMA \u00d6sterreich","article_modified_time":"2025-09-29T06:34:03+00:00","og_image":[{"width":1320,"height":440,"url":"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/04\/ESG-Dashboard-Teaser.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@FMA_AT","twitter_misc":{"Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/national-stress-tests\/","url":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/national-stress-tests\/","name":"National Stress Tests - FMA \u00d6sterreich","isPartOf":{"@id":"https:\/\/www.fma.gv.at\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/national-stress-tests\/#primaryimage"},"image":{"@id":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/national-stress-tests\/#primaryimage"},"thumbnailUrl":"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/04\/ESG-Dashboard-Teaser.jpg","datePublished":"2025-09-10T11:44:01+00:00","dateModified":"2025-09-29T06:34:03+00:00","breadcrumb":{"@id":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/national-stress-tests\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/national-stress-tests\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/national-stress-tests\/#primaryimage","url":"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/04\/ESG-Dashboard-Teaser.jpg","contentUrl":"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/04\/ESG-Dashboard-Teaser.jpg","width":1320,"height":440},{"@type":"BreadcrumbList","@id":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/national-stress-tests\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.fma.gv.at\/en\/"},{"@type":"ListItem","position":2,"name":"Pensionskassen","item":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/"},{"@type":"ListItem","position":3,"name":"Stress Tests &#8211; Pension Companies","item":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/"},{"@type":"ListItem","position":4,"name":"National Stress Tests"}]},{"@type":"WebSite","@id":"https:\/\/www.fma.gv.at\/en\/#website","url":"https:\/\/www.fma.gv.at\/en\/","name":"FMA \u00d6sterreich","description":"","publisher":{"@id":"https:\/\/www.fma.gv.at\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.fma.gv.at\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.fma.gv.at\/en\/#organization","name":"FMA - Finanzmarktaufsicht","url":"https:\/\/www.fma.gv.at\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.fma.gv.at\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2017\/05\/FMA_Logo_Twitter_400x400.png","contentUrl":"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2017\/05\/FMA_Logo_Twitter_400x400.png","width":400,"height":400,"caption":"FMA - Finanzmarktaufsicht"},"image":{"@id":"https:\/\/www.fma.gv.at\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/FMA_AT"]}]}},"toolset-meta":[],"publishpress_future_action":{"enabled":false,"date":"2026-07-01 04:15:01","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"translation_priority","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/pages\/15698285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/comments?post=15698285"}],"version-history":[{"count":5,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/pages\/15698285\/revisions"}],"predecessor-version":[{"id":16641084,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/pages\/15698285\/revisions\/16641084"}],"up":[{"embeddable":true,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/pages\/15697817"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/media\/3030091"}],"wp:attachment":[{"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/media?parent=15698285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}