The Australian Prudential Regulation Authority released its quarterly industry aggregate insurance statistical publications for September 2025, detailing performance metrics for general, life, and private health insurance sectors.
The International Association of Deposit Insurers (IADI) updated its Core Principles for Effective Deposit Insurance Systems, reflecting changes in financial systems and lessons from the March 2023 banking turmoil. The revised principles emphasize enhanced coordination among deposit insurance, resolution, and supervision functions to bolster depositor protection and financial stability. Developed by an IADI Executive Council-led process, the update incorporated feedback from stakeholders and pilot testing in Brazil, Kenya, and the Philippines.
The China Securities Regulatory Commission (CSRC) has issued a draft for public consultation on a pilot programme for commercial real estate investment trusts (REITs). The proposal outlines rules on product design, registration, management, and supervision, emphasizing fund managers' operational responsibilities and compliance standards. The initiative aligns with existing guidance for infrastructure REITs, with revisions to follow based on feedback.
The China Securities Regulatory Commission (CSRC) announced penalties and market-entry bans against Lifang Shuke for allegedly inflating revenue and costs in reports from 2021 to 2023. The Anhui office proposed fines totaling CNY 40 million for the company and responsible individuals, with potential mandatory delisting by the Shenzhen Stock Exchange. The CSRC also launched an investigation into the accounting firm involved and plans to refer suspected securities crimes to public security authorities.
The China Securities Regulatory Commission released a summary of Chair Wu Qing's meeting with Taleh Kazimov, Governor of the Central Bank of Azerbaijan, in Beijing. The discussions centered on capital market development, supervisory dynamics, and the use of artificial intelligence in financial oversight, with an emphasis on future cooperation.
The Argentina Securities Commission (CNV) issued General Resolution No. 1093, exempting non-residents from the ARS 200 million daily limit on transfers of negotiable securities to foreign depository institutions. This exemption applies to National Treasury securities acquired through specified reinvestment activities, aiming to ease restrictions and support capital market normalization. CNV President Roberto E. Silva highlighted this as part of ongoing efforts to enhance market functionality.
At its 43rd Plenary, the Eurasian Group elected Yury Chikhanchin as chair and Dmitry Zakharov as deputy chair for 2026-2027 and approved KPI-based monitoring of member states' readiness for the third round of mutual evaluations. It also launched new work on laundering through nominees and virtual asset service providers and on artificial intelligence in terrorist financing, while creating a technical assistance and development fund to support members' preparations.
The Swiss Financial Market Supervisory Authority (FINMA) has extended Beat Fellmann’s term on the Swiss Takeover Board by one year, until the end of 2026, to facilitate the search for a successor. From 1 January 2026, the Takeover Board will be chaired by Prof. Mirjam Eggen, with Prof. Jean-Luc Chenaux as Vice-Chair, and includes members such as Prof. Isabelle Chabloz and Prof. Franca Contratto.
The Securities and Exchange Board of India (SEBI) will replace the 2003 Informal Guidance Scheme with the 2025 version, effective 1 December 2025, allowing guidance on SEBI laws via No Action or Interpretive Letters. The new scheme expands applicant eligibility to include stock exchanges, clearing corporations, depositories, and Managers of Pooled Investment Vehicles, and introduces a nodal cell for streamlined application processing.
FinCEN issued an alert warning that illegal aliens in the U.S. may use cross-border funds transfers to move illicitly obtained funds. Money services businesses (MSBs) are urged to be vigilant and report suspicious activities, particularly transactions of at least USD 2,000 involving unlawful employment or illicit funds. The alert references Executive Order 14159 and emphasizes the requirement for MSBs to file suspicious activity reports (SARs).
The State Bank of Vietnam’s Regional Branch 13 held a conference with Dong Thap and Tay Ninh Provincial Police to sign a coordination plan for public security and the banking sector. The meeting reviewed banking activity and inter-agency cooperation, with police briefing on crime trends and banks proposing measures to enhance coordination. An action plan for 2026 was requested, focusing on high-tech crime, fraud, and asset misappropriation, with quarterly coordination and annual reviews.
The Prime Minister of Vietnam has appointed Nguyen Ngoc Canh, Deputy Governor of the State Bank of Vietnam, to the Board of Directors of the Vietnam Bank for Social Policies, replacing the retired Dao Minh Tu. The five-year appointment is effective from 28 November 2025.
The State Bank of Vietnam reported Deputy Governor Doan Thai Son's participation in the ASEAN+3 Central Bank Deputy Governors and Finance Deputy Ministers’ Meeting in Hong Kong. Key outcomes included updates to the ASEAN+3 cooperation agenda, approval of a three-year cycle for reviewing the Chiang Mai Initiative Multilateralisation (CMIM) USD interest spread starting in 2027, and discussions on transitioning CMIM to a paid-in capital model. The ASEAN+3 financial co-chair role for 2026 will transfer to Japan and the Philippines.
The Central Bank of Armenia released a data template on international reserves and foreign currency liquidity under the Special Data Dissemination Standard (SDDS). It includes expanded disclosures on foreign currency claims and obligations and projects foreign exchange inflows and outflows over the next year. It is structured into four sections: foreign currency resources, predetermined drains, contingent drains, and supplementary memo items.
Danish investors bought DKK 131 billion in foreign shares in the first ten months of 2025, mainly by insurance and pension companies, while foreign investors made net purchases of DKK 6 billion in Danish shares. Foreign investors were active in Ørsted and Novo Nordisk shares, with Ørsted purchases reaching DKK 38 billion in October. By October 2025, Danish investors held DKK 2,740 billion in foreign shares, 64% of their total listed shareholdings, up from 47% in 2015, driven by US shares.
The Cayman Islands Monetary Authority has introduced a Virtual Asset Service Provider Financial Returns Form within its Regulatory Enhanced Electronic Forms Submission system, mandating periodic financial submissions from regulated VASPs starting 1 December 2025. The form applies to entities under the Virtual Asset (Service Providers) Act (2024 Revision) and must be filed according to prescribed reporting periods. Accurate and timely filing is essential for maintaining registration or licensing under the Authority’s supervisory framework.
The Cayman Islands Monetary Authority hosted a Virtual Asset Service Providers Regulatory Forum with over 575 stakeholders to discuss the digital asset regulatory landscape. Key topics included VASP application processing, AML/CFT developments, industry trends, and readiness for the Financial Action Task Force mutual evaluation. CIMA published summary highlights from the forum.
The Isle of Man Treasury has updated the UK Sanctions List under the Russia sanctions regime, maintaining an asset freeze and trust services sanctions on Sergey Vladimirovich Mikhailov. Mikhailov, a Russian national and former Director General of TASS, is designated for supporting the Russian government. The notice emphasizes immediate freezing of assets and reporting of suspected breaches to the Financial Intelligence Unit.
Australia's Treasury released a consultation paper on reducing coerced directorships, where individuals misuse directorships to create debts as coercive control. Proposals include enhancing corporate registration safeguards, aligning relief mechanisms in the Corporations Act 2001 and Taxation Administration Act 1953, expanding Australian Securities and Investments Commission powers, recognizing coercive control as a basis for non-participation in management, and improving alert mechanisms for coerced directors.
The National Bank of Moldova reported robust growth in the banking sector's financial position for the first nine months of 2025, with increases in assets, lending, deposits, and profitability, alongside full compliance with prudential requirements. The sector maintained strong liquidity and capital ratios, with the net stable funding ratio at 170.3% and the liquidity coverage ratio at 269.7%. Ongoing Basel III and EU-alignment reforms were noted, including amendments on large exposures, fit-and-proper assessments, and corporate governance.
The National Bank of Moldova hosted the seventh "Drumul banilor" financial education event, engaging over 200 pupils and students in understanding money circulation and economic realities. Governor Anca Dragu emphasized the initiative's role in educating youth about the economy. The program included a visit to the central bank's exhibition on the Moldovan leu's history, practical sessions on banknote security features, and tours of licensed banks.
The Central Bank of Barbados released the 50th Sir Winston Scott Memorial Lecture by Dr. Agnes Kalibata, focusing on innovation's role in addressing climate-driven food insecurity in Barbados and other small states.
The Central Bank of Barbados summarized the 50th Sir Winston Scott Memorial Lecture, highlighting Dr Agnes Kalibata's warning on climate change's impact on global food systems and the need for small island states like Barbados to prepare for supply and price instability. Central Bank Governor Dr Kevin Greenidge emphasized the link between food security, climate resilience, and economic stability. Minister Indar Weir discussed resilience initiatives such as aquaponics, training young farmers, and vertical farming systems, urging greater private-sector involvement and value-added production.
The Hong Kong Insurance Authority is working with the insurance industry to support those affected by the Wang Fuk Court fire in Tai Po. A task force oversees insurers' follow-up work, ensuring resources for claims and enquiries. Insurers have activated contingency measures, including hotlines and expedited claims procedures, with the Authority in close contact with the Hong Kong Federation of Insurers.
The Central Bank of Nicaragua's October 2025 report highlights solid liquidity, capital, and profitability metrics, with positive financial intermediation and low loan delinquency. Public deposits grew 13.7% year on year, while the credit portfolio increased by 12.5%, maintaining a 95.7% share of performing loans. The system showed over-compliance with legal reserve requirements and improved profitability and capital metrics, including a ROE of 13.5% and a capital adequacy ratio of 19.1%.
The Central Bank of Nicaragua reported a 22.4% year-on-year increase in total exports for Q3 2025, reaching USD 2,372.6 million, with goods exports rising 40.3% and free trade zone exports up 3.7%. The trade deficit narrowed by 31.9% compared to Q3 2024, totaling USD 518.3 million. Cumulative exports through September were USD 6,813.9 million, up 15.8%, while imports rose 6.2% to USD 8,515.6 million.
The Central Bank of Nicaragua has issued a Standard for the Exchange of Banknotes and Coins, detailing criteria for exchanging legal tender córdobas. The standard mandates free exchanges of damaged or withdrawn currency without limits, while banks can charge fees to non-customers for simple exchanges. All exchanges must be settled with currency fit for circulation.
The State Bank of Pakistan has extended working hours for Saturday-opening commercial bank branches, including National Bank of Pakistan branches, on 29 November 2025, to facilitate government duties and tax payments. Branches will operate from 09:00 to 17:00, with same-day settlement required for government receipts and payments. NIFT will conduct a special clearing at 17:30, with results available by 23:30.
The Superintendency of Banks of Panama's year-end 2025 report reveals over 500,000 Panamanians will receive USD 272 million from Christmas savings accounts, marking an 11% increase from the previous year. These accounts, representing 8% of total deposits, are primarily held at four banks, with Banco General holding 76.4% of the funds. The report highlights women hold 61% of these accounts, with 70% of accounts having balances up to USD 500.
The Superintendency of Banks of Panama reported a 5.5% year-on-year increase in the International Banking Center’s net loan portfolio, reaching USD 100,088.9 million as of October 2025, driven by external lending. Total deposits rose by 5.91% to USD 115,289.7 million, with external deposits growing 10.21%. Liquidity and solvency indicators remained above regulatory minima, with a liquidity ratio of 53.4% and a capital adequacy index of 16.3%.
Indonesia's Financial Services Authority (OJK) and Queen Máxima, the UN Secretary-General’s Special Advocate for Financial Health, will develop a financial health programme in Indonesia, focusing on responsible financial management and consumer protection. The initiative aims to shift financial literacy towards measurable financial health, develop consumer-friendly products, and embed financial health as a business model objective. Additionally, OJK and the Indonesia Anti-Scam Center are enhancing fraud prevention efforts, with reported losses reaching nearly IDR 8 trillion in IASC's first year.
Governor Andriy Pyshnyy of the National Bank of Ukraine discussed adapting Ukraine's inflation-targeting framework during wartime and plans to return to classical inflation targeting with a floating exchange rate as conditions normalize. He detailed the evolution from the 2015 launch, through the 2022 invasion, to recent steps like managed exchange rate flexibility and foreign exchange liberalization. The NBU's future strategy includes a gradual return to classical inflation targeting, emphasizing stability and decisive action when inflation targets are threatened.
The Financial Superintendence of Colombia (SFC) introduced External Circular 011 of 2025, easing securities issuance requirements by creating "known issuer" and "recurrent issuer" statuses. Known issuers have a 30-business-day response time for initial registration, while recurrent issuers can execute new issuances within five business days. The framework aims to expedite issuing shares, bonds, and securitisation-related securities, with visual seals for recognized issuers.
The Dubai Financial Services Authority released a review on continuing professional development (CPD) for Money Laundering Reporting Officers at Authorised Firms in the Dubai International Financial Centre. It found a 79% compliance rate, highlighting issues like inadequate CPD logs, reliance on basic training, and insufficient tailoring to business models. The DFSA expects firms to address these gaps and is considering further guidance on CPD requirements.
The European Parliament's Committee on Economic and Monetary Affairs will hold a public hearing on 3 December 2025 to discuss the challenges digital assets pose to the EU's financial system. The session aims to inform ECON's forthcoming report on the adequacy of the Union's regulatory framework, including the Markets in Crypto-Assets Regulation, in maintaining competitiveness, integrity, and monetary sovereignty.
The European Systemic Risk Board's 60th General Board meeting highlighted elevated financial stability risks in the EU, with vulnerabilities in financial markets and the non-bank financial sector. The Board noted stretched valuations in riskier asset classes and misaligned market risk appetite, alongside concerns about credit risk and recent regulatory changes. Two forthcoming reports with the European Central Bank will assess financial intermediary linkages and the impact of geopolitical risks on stability.
The Australian Securities & Investments Commission (ASIC) seeks Federal Court approval to initiate contempt proceedings against David McWilliams and Laura Fullarton for allegedly breaching court freezing orders in the ALAMMC Developments Pty Ltd case. ASIC claims McWilliams moved at least AUD 297,327 from frozen accounts and failed to disclose assets, while Fullarton allegedly moved at least AUD 245,159, both exceeding court-imposed allowances. The application is supported by evidence from court-appointed receivers, following the Federal Court's order to wind up ALAMMC Group companies on just and equitable grounds.
The Reserve Bank of New Zealand has launched its first Community Cash Trial in Waipukurau to improve cash access in areas with fewer bank branches and ATMs, confirming ongoing cash issuance and ending its collectable coin partnership with NZ Post by June 2026. The 12-month project, in collaboration with Central Hawke’s Bay District Council, allows local businesses to access cash without fees, with further trials planned for 2026 and potential engagement with banks on maintaining cash services.
The Mauritius Financial Services Commission held a Pensions Industry Meeting to address underfunding risks in defined benefit private pension schemes. Key discussions focused on governance, funding, and legal duties, with an emphasis on accountability, transparent communication, and compliance. The meeting is part of ongoing FSC efforts to enhance the long-term sustainability of pension benefits.
The Tanzania Insurance Regulatory Authority is participating in the Sustainable Land Transport Week in Dar es Salaam to educate the public on insurance, including motor vehicle insurance. The event, organized by the Land Transport Regulatory Authority, also highlights efforts to implement electronic transport tickets that inform passengers about the insurance provider for their vehicle.
The Tanzania Insurance Regulatory Authority (TIRA) reported that Insurance Commissioner Dr. Baghayo Saqware and Deputy Commissioner Khadija Said visited the Pemba Zone to review supervisory activities related to health insurance schemes. This visit is part of a broader initiative to assess regional oversight, identify challenges, and develop improvement strategies. Pemba Zone is actively conducting on-site visits to register health service providers supporting these schemes.
Governor Mārtiņš Kazaks of the Central Bank of Latvia stressed the need for stronger European and Baltic capital markets to boost resilience and growth amid geopolitical and technological uncertainty at the Baltic Capital Markets Conference 2025. He highlighted priorities like integrating public and private funding, creating a single financial services market, and improving financial literacy. Kazaks noted the Baltics' progress in bonds but emphasized the need for broader financing options, including equity financing and a larger non-bank financial sector.
The Central Bank of Peru announced the winners of its 18th BCRP School Contest 2025, focusing on the importance of low and stable inflation. Proyecto Triunfo Ignacio Merino (Piura) won first place for a video on monetary stability's role in investment and employment. BCRP President Julio Velarde emphasized that stable inflation protects household purchasing power and boosts investment confidence.
The Central Bank of Peru reported an increase in the annualised current account surplus from 2.1% to 2.2% of GDP between Q3 2024 and Q3 2025, marking eight consecutive quarters of positive results. The USD 1,113 million improvement was driven by a larger trade surplus due to better terms of trade, increased domestic production, and stronger external demand, alongside higher remittance inflows. In Q3 2025, the current account surplus reached USD 2,455 million (2.8% of GDP), up USD 432 million from Q3 2024, primarily due to a widening goods trade surplus and increased secondary income.
Monaco's Ministry of Finance and Economy has issued an alert regarding a phishing campaign targeting banks in Monaco. The fraud involves emails, SMS, and phone calls impersonating banks to direct recipients to fake websites that capture confidential data. The ministry advises vigilance against alarmist language, requests for personal information, and recommends verifying requests through trusted channels.
The National Bank of Georgia released its November editions of the Current Macroeconomic Review and Financial Sector Review. These publications aim to provide analytical data and support economic analysis.
The National Bank of Georgia has amended rules for virtual asset service providers (VASPs) to mandate the display of their registration confirmation from the NBG across all service channels. This consumer-transparency measure aims to enhance enforcement of legal registration and help consumers verify VASP legitimacy amid unregistered providers in Georgia.
The National Bank of Georgia, with a World Bank expert group, held meetings to enhance financial system resilience and crisis-management capabilities. Discussions focused on aligning Georgia's resolution framework with international standards and refining operational aspects, including potential World Bank financing for the Resolution Fund. The roles of the Deposit Insurance Agency and the Ministry of Finance were emphasized in the project and broader framework.
The Central Bank of Costa Rica has released updated GDP time series for 1991–2024, using 2022 as the reference year, to ensure continuity and consistency with its recent national accounts revision. The update includes adjustments to the International Accounts for enhanced integration and comparability, with data accessible via the central bank's online databases.
The Danish Financial Supervisory Authority concluded the investigation into Danske Bank’s debt collection case after receiving the final two interim reports. These reports addressed the bank’s planned restart of debt collection and compensation cases, meeting the conditions to close the review. Initiated in November 2020 and expanded in December 2021, the investigation resulted in eight interim reports.
Norway's Ministry of Finance is soliciting stakeholder input for its review of the financial industry's framework conditions, contributing to the Financial Markets Report 2026. Stakeholders are encouraged to prioritize areas and provide concrete proposals.
Latvia's Ministry of Finance has drafted an order to nominate Martins Kazaks, President of Latvijas Banka, for the role of European Central Bank (ECB) Vice-President. The position, which becomes vacant in May 2026, requires high professional experience in monetary or banking policy. The Ministry of Finance and the Ministry of Foreign Affairs will collaborate to secure EU-level support for Kazaks' candidacy.
The Bank of Lithuania reported increases in household and corporate deposits and lending for October 2025, with household deposits rising by EUR 420.2 million and corporate deposits by EUR 175.5 million. Loans to households increased by EUR 404.1 million, with house purchase loans up EUR 182.4 million. Interest rates on new household and corporate loans declined slightly, with household loan rates falling to 5.20% and corporate loan rates to 4.47%.
The Financial Conduct Authority and Prudential Regulation Authority released a final policy statement amending the UK EMIR Binding Technical Standards 2016/2251. This update follows a consultation period from March to June 2025.
The Portuguese Insurance Regulator (ASF) reported a 14.1% year-on-year increase in direct insurance production in Q3 2025, reaching over EUR 11.7 billion. Life insurance saw a 19.7% rise, notably with unit-linked life insurance up 58.3%, while non-life insurance grew 9.2%. The estimated Solvency Capital Requirement coverage ratio improved to 215%, and the Minimum Capital Requirement coverage ratio rose to 549%.
The Portuguese Insurance and Pension Funds Supervisory Authority (ASF) reported a 1.1% increase in pension fund assets under management to approximately EUR 19.5 billion as of Q3 2025. Contributions surged by 46.8% year-on-year, while benefits paid rose by 1.3%. The number of managed pension funds remained stable at 239, with six new funds established and six terminated.
Portuguese Insurance Regulator (ASF) President Gabriel Bernardino emphasized addressing protection gaps in catastrophe coverage, cybersecurity, and retirement mechanisms. He advocates for regulatory simplification and greater ASF autonomy, aiming to reduce insurers' capital requirements by enhancing risk management of long-term products. This approach is expected to free capital for industry modernization and improved product offerings.
The Financial Conduct Authority (FCA) has arrested an individual in London on suspicion of market manipulation, fraud by false representation, and forgery. The arrest is part of an ongoing FCA investigation, with the suspect interviewed under caution and released on bail.
The Banking Agency of the Federation of Bosnia and Herzegovina released business performance data for entities within the Federation's banking system as of 30 September 2025.
New Zealand's Department of Internal Affairs announced the passage of the Statutes Amendment Bill, amending the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Key changes include removing address verification in standard customer due diligence, while retaining it for enhanced due diligence. The amendments extend deadlines for prescribed transaction reports to 20 working days and suspicious activity reports by law firms to 5 working days, and clarify the definition of "occasional transaction" by excluding cheque deposits at registered banks or non-bank deposit takers.
The Financial Services Regulatory Authority of Ontario (FSRA) has issued enforcement actions against Higginson Equipment Inc., proposing to wind up its pension plan and impose administrative penalties totaling CAD 19,000. FSRA alleges the company failed to remit pension contributions of CAD 9,501.38 from April to August 2025, violating Ontario’s Pension Benefits Act. Higginson Equipment Inc. has requested a hearing before the Financial Services Tribunal.
The Slovenia Insurance Supervision Agency recapped the CEET regional seminar, emphasizing fair treatment of consumers in market conduct supervision. Key themes included embedding fair treatment across the insurance product lifecycle, addressing conduct risks from digitalization, and ensuring algorithms are transparent and non-discriminatory. The Agency highlighted vulnerabilities among specific consumer groups and its efforts in financial literacy and consumer support during major events.
The Australian Prudential Regulation Authority (APRA) has set a debt-to-income (DTI) lending limit to address housing vulnerabilities due to riskier lending and rising prices. From 1 February 2026, institutions can issue up to 20% of new mortgages at a DTI of six times income or more, with separate limits for owner-occupier and investor loans. Exclusions apply to bridging loans and new dwellings, with adjustments for smaller institutions. APRA retains other macroprudential measures and may impose further limits if risks increase.
The Slovenia Insurance Supervision Agency reported on its participation in a Basel meeting focused on supervisory and reporting issues related to IFRS 17. Discussions included implementation challenges, performance indicators for life and non-life insurance, and integrating audit findings into supervisory practices. The standard aids convergence between accounting and supervisory practices and harmonises the regulatory framework.
The Slovenia Insurance Supervision Agency reported record gross written premiums of EUR 2,197.7 million for Q3 2025, driven primarily by motor insurance growth linked to domestic and foreign market expansion. Property insurance premiums rose 28.8% year-on-year, while life insurance premiums increased 4.7%. The agency noted that the impact of new motor insurance business on claims is expected to manifest with a lag.
The Australian Prudential Regulation Authority (APRA) has imposed additional licence conditions on Australian Ethical Superannuation Pty Ltd (AES) due to concerns over its expenditure management. APRA found deficiencies in AES's related-party expenditure practices, especially in investment management agreements with its parent, Australian Ethical Investments. AES must appoint an independent third party to review these outsourcing decisions, recommend improvements, and implement any recommendations to ensure regulatory compliance.
The International Financial Reporting Standards Foundation released the 2025 IFRS for SMEs Accounting Standard for small and medium-sized entities as a simpler alternative to full IFRS. It omits topics irrelevant to SMEs, simplifies accounting treatments, and reduces disclosure requirements by about 90%. The Standard is available for adoption by any jurisdiction, excluding entities with public accountability.
Peru's SBS issued a framework allowing Financial System Entities to operate as Fund Management Companies within the Private Pension System (SPP). It outlines prudential and risk-management expectations, financial strength assessments, and a 40-business-day application review period. Existing Pension Fund Administrators must submit plans for centralising SPP operations and managing conflicts of interest and investment phases.
Greece’s Ministry of National Economy and Finance urges the EU to move from analysis to coordinated implementation for a “Savings and Investment Union,” citing Greece’s fiscal consolidation and state modernization. The commentary highlights Greece’s 2024 primary surplus of nearly 4.8% of GDP, growth above the euro area average, improved borrowing conditions, public-sector digitalization, and recent cross-border financial activities, while acknowledging domestic challenges like investment needs and demographic pressures.
Greece's Ministry of National Economy and Finance presented the 2026 Budget and Multiannual Fiscal Programming for 2026-2029, marking the first four-year fiscal plan under Law 5217/2025. The programme outlines fiscal objectives and interventions totaling EUR 3.04bn in 2025, rising to EUR 10.1bn by 2029, with measures including pension adjustments and tax changes. Real GDP growth is revised upwards, with debt projected to decline from 145.9% in 2025 to 119% by 2029.
Greece's Ministry of National Economy and Finance unveiled the 2026 state budget and a multi-year fiscal plan through 2029, focusing on tax reform, income support, and increased public investment. The budget targets a 2.8% primary balance in 2026, with real GDP growth projected at 2.4% and a debt ratio of 138.2% of GDP. Key measures include tax reductions, increased minimum wage, and significant spending on health, defence, and civil protection.
The Hong Kong Monetary Authority and The Hong Kong Association of Banks urged banks to support residents impacted by the No. 5 alarm fire at Wang Fuk Court in Tai Po. Banks are advised to offer flexible measures like access to liquid funds, expedited document replacement, repayment grace periods, and increased staffing at Tai Po branches. Authorities will continue to monitor the situation and coordinate industry efforts to address urgent banking needs.
The Hong Kong Monetary Authority issued a scam alert about fraudulent websites, fake internet banking login screens, and phishing emails linked to four banks, including The Bank of East Asia and Bank of China (Hong Kong). The HKMA emphasized that banks will not send SMS or emails with embedded hyperlinks for transactions or request sensitive information. Affected individuals should contact their bank and report to the Hong Kong Police Force's Crime Wing Information Centre.
The National Payments Committee, chaired by the Bank of France, updated on efforts to enhance payment service resilience following disruptions in 2024 and 2025. Initiatives include cash contingency planning, crisis-preparedness across payment methods, and the rollout of instant credit transfer-based solutions like Wero. The committee highlights the digital euro's potential for retail payment resilience and reports the full operation of a payee verification service in France.
The G20 highlighted outcomes from South Africa's presidency, including the Africa Expert Panel and the G20 Africa Engagement Framework for 2026–2030. Key deliverables in the Finance Track involved debt-related initiatives like the Common Framework for Debt Treatments and climate-resilient debt clauses, alongside infrastructure and financial inclusion projects. Upcoming actions include launching the G20 Extraordinary Committee on Global Wealth Inequality and continued work by the Africa Expert Panel.
The Isle of Man Financial Services Authority has extended Atla Fund Services Limited’s Financial Services Licence to include additional class 3 and class 4 permissions under section 7 of the Financial Services Act 2008.
The National Bank of Belgium's analysis, using European Central Bank climate-related statistics, reveals a decline in the carbon intensity of Belgian insurance companies, pension funds, and investment funds' portfolios since the post-pandemic recovery. This reduction is attributed to lower absolute CO2 emissions and revenue growth, with inflation and energy prices playing a role. The improvement is driven by company performance rather than changes in portfolio composition.
The National Bank of Bulgaria has designated six other systemically important institutions (O-SIIs) and set corresponding O-SII capital buffer levels effective from 1 January 2026. UniCredit Bulbank AD, United Bulgarian Bank AD, and DSK Bank AD are assigned a 1.00% buffer, Eurobank Bulgaria AD 1.00% (individual), First Investment Bank AD 0.75%, and Invest Capital AD 0.50%. This decision aligns with European Central Bank macroprudential procedures and will be disclosed after notifying the European Systemic Risk Board.
The National Bank of Bulgaria's Governing Council has approved BORICA AD's cessation as operator of BISERA6, the BGN payment system, effective 1 January 2026, due to the euro's introduction as legal tender. BORICA's licence will be invalidated, and a cessation plan is in place to maintain financial stability and fulfill obligations.
The National Bank of Bulgaria's Governing Council has informed the European Systemic Risk Board that it will not apply voluntary reciprocity to macroprudential measures adopted in several European countries, citing immaterial cross-border exposures. This decision follows a review of exposures against thresholds set in ESRB Recommendation ESRB/2015/2. The central bank will continue periodic reviews to assess the need for future measures.
The National Bank of Bulgaria will cease compiling and publishing the LEONIA Plus index and the base interest rate (OLP) from 1 January 2026, due to the euro's introduction as the national currency. The final LEONIA Plus and OLP values will be published in December 2025. Financial contracts using LEONIA Plus should transition to alternative benchmarks in accordance with EU regulations and Bulgaria's euro introduction law.
The Bank for International Settlements' Basel Committee on Banking Supervision has detailed its 2025 assessment methodology for global systemically important banks (G-SIBs), including scoring metrics and thresholds. The Financial Stability Board's updated G-SIB list and the Basel Committee's interactive dashboard reflect these results. The assessment uses 2024 fiscal year-end data validated by national authorities to determine higher loss-absorbency requirements.
The UK Parliament's Treasury Select Committee, led by Dame Meg Hillier, announced plans to replace the Lifetime ISA with a new, simpler ISA aimed at supporting first-time homebuyers. The Committee criticized the Lifetime ISA for its complexity and dual-purpose design, which may mislead savers. A consultation on the new ISA will be launched next year.
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan extended KMF Bank JSC's licence to include factoring operations. This extension allows the bank to acquire payment rights for goods, works, or services while assuming the risk of buyer non-payment.
Kazakhstan's Financial Market Agency issued a guide for victims of fraudulent loans, detailing steps for banks and microfinance organisations to suspend interest and penalties upon receiving police documents. It outlines conditions for debt write-off, requiring confirmed fraud and procedural compliance, and advises victims to report incidents and retain evidence. If creditors fail to suspend measures, consumers should file complaints with the Agency via the eOtinish portal.
The Middle East and North Africa Financial Action Task Force (MENAFATF) visited Rabat for Morocco's third-round mutual evaluation of its anti-money laundering, counter-terrorist financing, and counter-proliferation financing system, with the final report expected by May 2028. MENAFATF praised Morocco's commitment to Financial Action Task Force standards and recent reforms, while Moroccan authorities highlighted their ongoing alignment with international standards.
MENAFATF reported a high-level visit to Rabat for Morocco's third-round evaluation of its anti-money laundering, counter-terrorist financing, and counter-proliferation financing system, highlighting Morocco's political commitment and recent reforms. The evaluation will continue until May 2028, when the final report is expected to be discussed and adopted.
The Central Bank of the Republic of Uzbekistan highlighted mortgage lending as crucial to socio-economic reforms at a housing finance forum. Deputy Chairman Abrorkhuja Turdaliyev projected a tenfold increase in Uzbekistan's mortgage loan portfolio by 2040, reaching USD 56.7 billion, and emphasized expanding private sector participation. The forum, organized with the Mortgage Refinancing Company of Uzbekistan and other partners, aimed to support a sustainable housing system.
The Central Bank of Jordan has requested all FinTech companies in Jordan to register or update their details in a national database, as part of its FinTech Vision and Economic Modernization Vision 2033. This initiative aims to enhance policy development, data-driven decision-making, and structured communication with firms, covering start-ups, licensed, incubated, and establishing entities.
The Central Bank of Jordan's Governor, Dr. Adel Al-Sharkas, highlighted a shift to gradual monetary easing from September 2024, citing stable inflation near 2%, foreign reserves over USD 24 billion, and a decline in dollarization to 18.2% by September 2025. Additionally, the bank signed a memorandum with the American University of Madaba to enhance research and student capacity-building in the financial sector.
The Central Bank of Jordan hosted a delegation from the Central Bank of Syria to exchange expertise on payment systems, financial technology, digital transformation, and cybersecurity, highlighting Jordan's advancements in electronic payments and fintech support mechanisms. The visit included presentations on Jordan's regulatory environment and infrastructure, as well as tours of fintech institutions and national bodies.
The Central Bank of Iraq's Governor, Ali Mohsen Ismail Al-Allaq, emphasized at a conference in Beirut the importance of Arab banking integration for economic stability and sustainable development. He outlined Iraq's efforts to modernize its banking sector, focusing on governance, digitalization, financial inclusion, and integration with the formal economy to support investment and cooperation with Arab banks.
The National Bank of the Republic of Tajikistan's chairman, Firdavs Nazrimad Tolibzoda, discussed the regulatory framework for foreign investors, banking sector performance, and priorities like green and inclusive finance. Key points include legal protections for foreign investors, reforms to facilitate foreign entry into banking, and significant growth in foreign investment and banking profits in 2024. The interview also highlights sustainability initiatives, the expansion of Islamic banking, and measures to enhance transparency and confidence in the financial system.
The Bank of Spain's 2024 Central Balance Sheet monograph shows improved profitability for non-financial companies, with an 8.2% rise in net ordinary result and a 2.3% increase in net turnover. The 2025 quarterly sample indicates modest growth in activity and sales, but a flat net ordinary result due to energy sector impacts. Excluding energy and oil refining, the net ordinary result would have grown 7.5%, with gross value added up 6.0%.
The European Central Bank introduced the Euro Area Extended Monetary Policy Event-Study Database (EA-EMPD), expanding the identification of euro area monetary policy shocks by including policymakers’ speeches. The database increases identifiable policy events and refines surprise measurement using high-frequency market data. Findings show that speeches by ECB Executive Board members significantly affect asset prices and enhance the precision of monetary policy transmission analysis.
The Brazilian Pension Funds Authority (PREVIC) has approved its 2026–2027 Regulatory Agenda, outlining priorities to enhance predictability and transparency in the pension sector. Key initiatives include legislative amendments to improve supervision and governance, updates to the sanctions regime, and proposals on actuarial parameters and investment rules. Coordination with national bodies is required for actions, including changes to CNPC Resolutions and investment guidelines.
The Bank for International Settlements’ Financial Stability Institute published an executive summary on transitioning to risk-based solvency regimes for insurers, drawing on International Association of Insurance Supervisors guidance and framing the shift as a multi-year reform combining regulatory change, training, structured project planning and stakeholder engagement. The note outlines key components of risk-based solvency, discusses implementation choices such as sequencing and rollout, and highlights practical challenges including IT and data upgrades, actuarial and risk expertise, and cultural change, with jurisdictional experience indicating implementation often takes five to ten years.
The Bank of Portugal released October 2025 banking statistics, highlighting a 9.4% year-on-year increase in housing loans and a 4.4% rise in household deposits. Mortgage lending stock grew by EUR 993 million to EUR 109.1 billion, while corporate lending stock decreased by EUR 447 million to EUR 73.8 billion. The bank announced that details on consumer credit will be discontinued on 29 January 2026, with new series forthcoming.
The Central Bank of the Philippines welcomed S&P Global Ratings' affirmation of the Philippines' long-term "BBB+" and short-term "A-2" sovereign investment-grade ratings with a positive outlook. S&P cited the country's strong economic growth potential, robust external position, and effective policy reforms. The BSP highlighted USD 110.2 billion in gross international reserves, supporting the investment-grade status and potential for reduced borrowing costs.
The South Korea Financial Supervisory Service reported that the substandard or below (SBL) loan ratio for domestic banks was 0.57% at the end of September 2025, slightly lower than three months prior but higher than a year earlier. SBLs totaled KRW 16.4 trillion, with business lending accounting for KRW 13.1 trillion. Provisions for bad debts decreased to KRW 27.1 trillion, and the provisions coverage ratio fell to 164.8%.