Although the financial sector continues to be resilient in the face of considerable challenges, a number of financial institution executives said they see the sector’s condition potentially deteriorating in the next six months. This is according to the November 2025 Systemic Risk Survey.
Executives of the largest financial institutions have slightly downgraded their assessments of the sector’s current standing over the past six months, with the balance of responses having retreated to 2024 levels, the survey showed.
Most respondents detected no change in the state of the financial sector in the last six months and are not expecting any in the next six months either. However, the share of those expecting the financial sector’s condition to worsen doubled to 32% in November from 15% in May.
The financial sector’s overall risk level was on average assessed as moderately high, and its resilience to high-impact adverse events as medium or high. But none of the respondents rated the sector’s resilience very high. And for the first time since 2022, some respondents characterized the sector’s resilience to such events as very low.
The war with russia remains the key source of systemic risk. The risk of overall corruption has risen significantly and placed second among the biggest threats. The law enforcement and judiciary factor also made it to the top three risks.
More than 60% of financial institution top managers reported unchanged risk appetite over the past six months, while a quarter cited an increase.
Conducted by the NBU twice a year, the Systemic Risk Survey looks into how the largest banks and non-bank financial institutions perceive existing and potential risks to the financial sector. The survey reflects the financial institutions’ perspective on the financial sector’s performance over the past six months and expectations for the next six months.
This survey took place between 6 and 21 November 2025 with the participation of managers of 22 banks, 10 insurers, and 2 investment companies. Final results were not weighted by the bank’s or NBFI’s size or market share: all responses were treated as equivalent.
The results presented in the survey are based on respondents’ opinions and do not necessarily reflect the NBU’s assessment of financial system risks