{"id":42312667,"date":"2025-12-22T12:53:35","date_gmt":"2025-12-22T11:53:35","guid":{"rendered":"https:\/\/www.fma.gv.at\/?page_id=42312667"},"modified":"2026-07-20T13:59:42","modified_gmt":"2026-07-20T11:59:42","slug":"liquidity-stress-tests-of-investment-funds","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/stress-tests-asset-management\/liquidity-stress-tests-of-investment-funds\/","title":{"rendered":"Liquidity stress tests of Investment Funds"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><div class=\"wp-block-cover is-light\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"270\" class=\"wp-block-cover__image-background wp-image-11752681 size-large\" alt=\"\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Cover-640x270.jpg\" data-object-fit=\"cover\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Cover-640x270.jpg 640w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Cover-320x135.jpg 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Cover-1536x647.jpg 1536w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Cover.jpg 1700w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim\" style=\"background-color:#ab9c9b\"><\/span><div class=\"wp-block-cover__inner-container is-layout-constrained wp-block-cover-is-layout-constrained\">\n<p class=\"has-text-align-center has-medium-font-size wp-block-paragraph\">Liquidity stress tests of Investment Funds<\/p>\n<\/div><\/div><div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><p class=\"wp-block-paragraph\">A key element of risk management in investment funds in ensuring that there is adequate available liquidity to service redemptions. For this reason, the Austrian Financial Market Authority (FMA) conducts liquidity analyses and stress tests on a regular basis, to be able to identify potential risks that may arise from this type of risk at an early stage.<\/p><p class=\"wp-block-paragraph\">In 2025, the analysis was based on the reported liquidity risk profiles as well as the reported results of three asset side stress scenarios all with a cut-off point of 30.06.2025 of undertaking for collective investment in transferable securities (UCITS) and alternative investment funds (AIFs) managed by Austrian management companies under the Investment Funds Act (InvFG; Investmentfondsgesetz). Two liability side scenarios were also conducted in addition to the asset-side stress scenarios.<\/p><p class=\"wp-block-paragraph\">The analysis of the liquidity risk profiles shows that the general liquidity position of the funds is currently generally classified as being adequate.<\/p><p class=\"wp-block-paragraph\"><strong>Results of stress scenarios: Number of funds displaying liquidity mismatches in the respective stress scenarios<\/strong><\/p><div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><a href=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/12\/SusFi-Liquiditaet-Grafik-V01-640x205.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"205\" src=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/12\/SusFi-Liquiditaet-Grafik-V01-640x205.jpg\" alt=\"\" class=\"wp-image-24077785\" style=\"width:640px;height:auto\" srcset=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/12\/SusFi-Liquiditaet-Grafik-V01-640x205.jpg 640w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/12\/SusFi-Liquiditaet-Grafik-V01-320x102.jpg 320w, https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/12\/SusFi-Liquiditaet-Grafik-V01.jpg 825w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">Source: FMA Liquidity stress tests of Investment Funds as at 30.06.2025<\/figcaption><\/figure>\n<\/div><div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><p class=\"wp-block-paragraph\">All the liquidity mismatches that occurred in the stress scenarios, are plausible based on the applied scenarios, the portfolio structure and the invested asset classes. The asset classes &nbsp;Emerging Market-,&nbsp;High-Yield-&nbsp;and Corporate Bonds and Equities Austria were identified as having potentially higher liquidity risks. <\/p><p class=\"wp-block-paragraph\">The FMA plans to monitor the risk situation further and repeat the liquidity stress test in a risk-based form on a regular basis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A key element of risk management in investment funds in ensuring that there is adequate available liquidity to service redemptions. &#8230;<\/p>\n","protected":false},"author":20,"featured_media":11752677,"parent":42312515,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"landing-page.php","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-42312667","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Liquidity stress tests of Investment Funds - 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\/investment-funds-and-investment-fund-managers\/stress-tests-asset-management\/liquidity-stress-tests-of-investment-funds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liquidity stress tests of Investment Funds - FMA \u00d6sterreich\" \/>\n<meta property=\"og:description\" content=\"A key element of risk management in investment funds in ensuring that there is adequate available liquidity to service redemptions. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/stress-tests-asset-management\/liquidity-stress-tests-of-investment-funds\/\" \/>\n<meta property=\"og:site_name\" content=\"FMA \u00d6sterreich\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-20T11:59:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-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=\"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\\\/investment-funds-and-investment-fund-managers\\\/stress-tests-asset-management\\\/liquidity-stress-tests-of-investment-funds\\\/\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/investment-funds-and-investment-fund-managers\\\/stress-tests-asset-management\\\/liquidity-stress-tests-of-investment-funds\\\/\",\"name\":\"Liquidity stress tests of Investment Funds - FMA \u00d6sterreich\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/investment-funds-and-investment-fund-managers\\\/stress-tests-asset-management\\\/liquidity-stress-tests-of-investment-funds\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/investment-funds-and-investment-fund-managers\\\/stress-tests-asset-management\\\/liquidity-stress-tests-of-investment-funds\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/Risikotreiber-Teaser.jpg\",\"datePublished\":\"2025-12-22T11:53:35+00:00\",\"dateModified\":\"2026-07-20T11:59:42+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/investment-funds-and-investment-fund-managers\\\/stress-tests-asset-management\\\/liquidity-stress-tests-of-investment-funds\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/investment-funds-and-investment-fund-managers\\\/stress-tests-asset-management\\\/liquidity-stress-tests-of-investment-funds\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/investment-funds-and-investment-fund-managers\\\/stress-tests-asset-management\\\/liquidity-stress-tests-of-investment-funds\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/Risikotreiber-Teaser.jpg\",\"contentUrl\":\"https:\\\/\\\/www.fma.gv.at\\\/wp-content\\\/uploads\\\/2025\\\/07\\\/Risikotreiber-Teaser.jpg\",\"width\":1320,\"height\":440},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/investment-funds-and-investment-fund-managers\\\/stress-tests-asset-management\\\/liquidity-stress-tests-of-investment-funds\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Investment Funds and their Managers\",\"item\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/investment-funds-and-investment-fund-managers\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Stress tests: Asset Management\",\"item\":\"https:\\\/\\\/www.fma.gv.at\\\/en\\\/investment-funds-and-investment-fund-managers\\\/stress-tests-asset-management\\\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Liquidity stress tests of Investment Funds\"}]},{\"@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":"Liquidity stress tests of Investment Funds - 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\/investment-funds-and-investment-fund-managers\/stress-tests-asset-management\/liquidity-stress-tests-of-investment-funds\/","og_locale":"en_US","og_type":"article","og_title":"Liquidity stress tests of Investment Funds - FMA \u00d6sterreich","og_description":"A key element of risk management in investment funds in ensuring that there is adequate available liquidity to service redemptions. ...","og_url":"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/stress-tests-asset-management\/liquidity-stress-tests-of-investment-funds\/","og_site_name":"FMA \u00d6sterreich","article_modified_time":"2026-07-20T11:59:42+00:00","og_image":[{"width":1320,"height":440,"url":"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Teaser.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@FMA_AT","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/stress-tests-asset-management\/liquidity-stress-tests-of-investment-funds\/","url":"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/stress-tests-asset-management\/liquidity-stress-tests-of-investment-funds\/","name":"Liquidity stress tests of Investment Funds - FMA \u00d6sterreich","isPartOf":{"@id":"https:\/\/www.fma.gv.at\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/stress-tests-asset-management\/liquidity-stress-tests-of-investment-funds\/#primaryimage"},"image":{"@id":"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/stress-tests-asset-management\/liquidity-stress-tests-of-investment-funds\/#primaryimage"},"thumbnailUrl":"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Teaser.jpg","datePublished":"2025-12-22T11:53:35+00:00","dateModified":"2026-07-20T11:59:42+00:00","breadcrumb":{"@id":"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/stress-tests-asset-management\/liquidity-stress-tests-of-investment-funds\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/stress-tests-asset-management\/liquidity-stress-tests-of-investment-funds\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/stress-tests-asset-management\/liquidity-stress-tests-of-investment-funds\/#primaryimage","url":"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Teaser.jpg","contentUrl":"https:\/\/www.fma.gv.at\/wp-content\/uploads\/2025\/07\/Risikotreiber-Teaser.jpg","width":1320,"height":440},{"@type":"BreadcrumbList","@id":"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/stress-tests-asset-management\/liquidity-stress-tests-of-investment-funds\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.fma.gv.at\/en\/"},{"@type":"ListItem","position":2,"name":"Investment Funds and their Managers","item":"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/"},{"@type":"ListItem","position":3,"name":"Stress tests: Asset Management","item":"https:\/\/www.fma.gv.at\/en\/investment-funds-and-investment-fund-managers\/stress-tests-asset-management\/"},{"@type":"ListItem","position":4,"name":"Liquidity stress tests of Investment Funds"}]},{"@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":"2026-08-06 11:20:09","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\/42312667","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=42312667"}],"version-history":[{"count":1,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/pages\/42312667\/revisions"}],"predecessor-version":[{"id":42312899,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/pages\/42312667\/revisions\/42312899"}],"up":[{"embeddable":true,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/pages\/42312515"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/media\/11752677"}],"wp:attachment":[{"href":"https:\/\/www.fma.gv.at\/en\/wp-json\/wp\/v2\/media?parent=42312667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}