The Prudential Supervisory and Resolution Authority (ACPR) on Wednesday gave its “priorities” for the current year, such as monitoring the risks linked to the international economic and geopolitical situation, those linked to the rise in interest rates or cyberattacks.
The banking and insurance policeman said in a press release that he was primarily attentive to developments in the international situation and its impact on the establishments it controls, referring primarily to the war in Ukraine. Its supervision is carried out in an unprecedented context of rising rates (from the European Central Bank, editor’s note) which calls for vigilance, in particular for insurance organizations, with investments upset by this new situation.
As mentioned in an interview given to Les Echos dated Wednesday, the authority insists on the particular attention linked to a potential increase in defaults on loans granted by banks.
Households, like businesses and the State, are heavily indebted in France. It is a factor of vulnerability, tempered however by the fact that we have mainly fixed rate debt, explained in the columns of the economic daily Nathalie Aufauvre, Secretary General since the departure of Dominique Laboureix on January 9.
The ACPR, backed by the Banque de France, will also keep an eye on the risks associated with technological developments (…), in particular IT risk, information systems strategy and cyber risk. She also mentions in her press release the work in progress on the fees charged in life insurance.
The accumulation of high costs can in certain cases reduce any hope of return, noted on December 5 the vice-president of the ACPR Jean-Paul Faugre, the potential return on investment ultimately only benefiting financial intermediaries. .
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