{"id":15700290,"date":"2025-09-10T13:44:32","date_gmt":"2025-09-10T11:44:32","guid":{"rendered":"https:\/\/www.fma.gv.at\/?page_id=15700290"},"modified":"2026-02-02T10:28:27","modified_gmt":"2026-02-02T09:28:27","slug":"liquidity","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/liquidity\/","title":{"rendered":"Liquidity"},"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-11754907 size-full\" alt=\"\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Liquiditaet-Cover.png\" data-object-fit=\"cover\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Liquiditaet-Cover.png 1700w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Liquiditaet-Cover-320x135.png 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Liquiditaet-Cover-640x270.png 640w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Liquiditaet-Cover-1536x647.png 1536w\" sizes=\"auto, (max-width: 1700px) 100vw, 1700px\" \/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim\" style=\"background-color:#948e88\"><\/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\"><strong>Liquidity in relation to Stress Tests &ndash; Pension Companies<\/strong><\/p>\n<\/div><\/div><p class=\"wp-block-paragraph\"><\/p><p class=\"wp-block-paragraph\">While banks perform a maturity transformation, in the case of pension companies liquidity risk plays a subsidiary role as a general rule. In conjunction with financial market stability risks, the Austrian Financial Market Authority (FMA) investigates the liquid asset ratio, i.e. the proportion of liquidity-weighted assets to total assets.<\/p><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:30%\">\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><br><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Illiquidity haircuts, in particular by asset class and credit quality are stipulated for the proportion of liquid assets. The 30.2% median of the Liquid Asset Ratio in Q4 2024 is below the European median for institutions for occupational retirement provision, which stands at 52.2%, and is also lower than the median for insurance undertakings of 51.4%. This is confirmed by pension companies having a higher allocation to funds of over-the-counter assets.<br><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:70%\">\n<figure data-wp-context='{\"imageId\":\"6a3b3da5a3bf7\"}' data-wp-interactive=\"core\/image\" data-wp-key=\"6a3b3da5a3bf7\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"709\" height=\"354\" 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-5.png\" alt=\"\" class=\"wp-image-16641387\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/09\/image-5.png 709w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/09\/image-5-320x160.png 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/09\/image-5-640x320.png 640w\" sizes=\"auto, (max-width: 709px) 100vw, 709px\" \/><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 analysis on the liquid asset ratio of funds of PKs stating the interquartile range as a box, data: Q1 2019 &ndash; Q4 2024<\/figcaption><\/figure>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>While banks perform a maturity transformation, in the case of pension companies liquidity risk plays a subsidiary role as a &#8230;<\/p>\n","protected":false},"author":20,"featured_media":11754887,"parent":15697817,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"landing-page.php","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-15700290","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>Liquidity - 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\/liquidity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liquidity - FMA \u00d6sterreich\" \/>\n<meta property=\"og:description\" content=\"While banks perform a maturity transformation, in the case of pension companies liquidity risk plays a subsidiary role as a ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fma.gv.at\/en\/pensionskassen\/stress-tests-pension-companies\/liquidity\/\" \/>\n<meta property=\"og:site_name\" content=\"FMA \u00d6sterreich\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-02T09:28:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Versicherungen-Stresstests-Liquiditaet-Teaser.png\" \/>\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\/png\" \/>\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=\"2 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\\\/liquidity\\\/\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/liquidity\\\/\",\"name\":\"Liquidity - FMA \u00d6sterreich\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/liquidity\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/liquidity\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/Versicherungen-Stresstests-Liquiditaet-Teaser.png\",\"datePublished\":\"2025-09-10T11:44:32+00:00\",\"dateModified\":\"2026-02-02T09:28:27+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/liquidity\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/liquidity\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/liquidity\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/Versicherungen-Stresstests-Liquiditaet-Teaser.png\",\"contentUrl\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/Versicherungen-Stresstests-Liquiditaet-Teaser.png\",\"width\":1320,\"height\":440},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/pensionskassen\\\/stress-tests-pension-companies\\\/liquidity\\\/#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; 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