Graph and download economic data for Chicago Fed National Financial Conditions Index (NFCI) from 1971-01-08 to 2025-11-21 about financial, indexes, and USA.

An index that can be used to gauge broad financial conditions and assess how these conditions are related to future economic growth. The index is broadly consistent with how the FRB/US model generally relates key financial variables to economic activity. The index aggregates changes in seven financial variables: the federal funds rate, the 10-year Treasury yield, the 30-year fixed mortgage rate, the triple-B corporate bond yield, the Dow Jones total stock market index, the Zillow house price index, and the nominal broad dollar index using weights implied by the FRB/US model and other models in use at the Federal Reserve Board. These models relate households' spending and businesses' investment decisions to changes in short- and long-term interest rates, house and equity prices, and the exchange value of the dollar, among other factors. These financial variables are weighted using impulse response coefficients (dynamic multipliers) that quantify the cumulative effects of unanticipated permanent changes in each financial variable on real gross domestic product (GDP) growth over the subsequent year. The resulting index is named Financial Conditions Impulse on Growth (FCI-G). One appealing feature of the FCI-G is that its movements can be used to measure whether financial conditions have tightened or loosened, to summarize how changes in financial conditions are associated with real GDP growth over the following year, or both.

During the week ending January 3, 2025, the weekly National Financial Conditions Index (NFCI) of the United States stood at ****. This reflects a slight increase from the previous week. The NCFI shows a comprehensive view of the U.S. financial conditions in money markets, debt and equity markets, and banking systems. A positive NFCI value is associated with tighter-than-average financial conditions, while negative values have been historically associated with looser-than-average financial conditions.

Graph and download economic data for Chicago Fed Adjusted National Financial Conditions Index (ANFCI) from 1971-01-08 to 2025-11-21 about adjusted, financial, indexes, and USA.

Fault Lines Widen in the Global Recovery

Economic prospects have diverged further across countries since the April 2021 World Economic Outlook (WEO) forecast. Vaccine access has emerged as the principal fault line along which the global recovery splits into two blocs: those that can look forward to further normalization of activity later this year (almost all advanced economies) and those that will still face resurgent infections and rising COVID death tolls. The recovery, however, is not assured even in countries where infections are currently very low so long as the virus circulates elsewhere.

The global economy is projected to grow 6.0 percent in 2021 and 4.9 percent in 2022.The 2021 global forecast is unchanged from the April 2021 WEO, but with offsetting revisions. Prospects for emerging market and developing economies have been marked down for 2021, especially for Emerging Asia. By contrast, the forecast for advanced economies is revised up. These revisions reflect pandemic developments and changes in policy support. The 0.5 percentage-point upgrade for 2022 derives largely from the forecast upgrade for advanced economies, particularly the United States, reflecting the anticipated legislation of additional fiscal support in the second half of 2021 and improved health metrics more broadly across the group.

Recent price pressures for the most part reflect unusual pandemic-related developments and transitory supply-demand mismatches. Inflation is expected to return to its pre-pandemic ranges in most countries in 2022 once these disturbances work their way through prices, though uncertainty remains high. Elevated inflation is also expected in some emerging market and developing economies, related in part to high food prices. Central banks should generally look through transitory inflation pressures and avoid tightening until there is more clarity on underlying price dynamics. Clear communication from central banks on the outlook for monetary policy will be key to shaping inflation expectations and safeguarding against premature tightening of financial conditions. There is, however, a risk that transitory pressures could become more persistent and central banks may need to take preemptive action.

Risks around the global baseline are to the downside. Slower-than-anticipated vaccine rollout would allow the virus to mutate further. Financial conditions could tighten rapidly, for instance from a reassessment of the monetary policy outlook in advanced economies if inflation expectations increase more rapidly than anticipated. A double hit to emerging market and developing economies from worsening pandemic dynamics and tighter external financial conditions would severely set back their recovery and drag global growth below this outlook’s baseline.

Multilateral action has a vital role to play in diminishing divergences and strengthening global prospects. The immediate priority is to deploy vaccines equitably worldwide. A $50 billion IMF staff proposal, jointly endorsed by the World Health Organization, World Trade Organization, and World Bank, provides clear targets and pragmatic actions at a feasible cost to end the pandemic. Financially constrained economies also need unimpeded access to international liquidity. The proposed $650 billion General Allocation of Special Drawing Rights at the IMF is set to boost reserve assets of all economies and help ease liquidity constraints. Countries also need to redouble collective efforts to reduce greenhouse gas emissions. These multilateral actions can be reinforced by national-level policies tailored to the stage of the crisis that help catalyze a sustainable, inclusive recovery. Concerted, well-directed policies can make the difference between a future of durable recoveries for all economies or one with widening fault lines—as many struggle with the health crisis while a handful see conditions normalize, albeit with the constant threat of renewed flare-ups.

Russia Bank Lending Conditions: Households: Situation in Non Financial Sector data was reported at 0.000 % Point in Mar 2019. This records an increase from the previous number of -0.481 % Point for Dec 2018. Russia Bank Lending Conditions: Households: Situation in Non Financial Sector data is updated quarterly, averaging 0.000 % Point from Jun 2009 (Median) to Mar 2019, with 40 observations. The data reached an all-time high of 37.500 % Point in Jun 2009 and a record low of -18.367 % Point in Mar 2010. Russia Bank Lending Conditions: Households: Situation in Non Financial Sector data remains active status in CEIC and is reported by The Central Bank of the Russian Federation. The data is categorized under Russia Premium Database’s Monetary and Banking Statistics – Table RU.KAC018: Bank Lending Tightness: Loans to Households.

Graph and download economic data for St. Louis Fed Financial Stress Index (STLFSI4) from 1993-12-31 to 2025-11-21 about FSI and USA.

Russia Bank Lending Conditions: Big Corporations: Situation in Non Financial Sector data was reported at 3.000 % Point in Mar 2019. This records an increase from the previous number of 2.041 % Point for Dec 2018. Russia Bank Lending Conditions: Big Corporations: Situation in Non Financial Sector data is updated quarterly, averaging 2.105 % Point from Jun 2009 (Median) to Mar 2019, with 40 observations. The data reached an all-time high of 45.192 % Point in Jun 2009 and a record low of -17.708 % Point in Mar 2010. Russia Bank Lending Conditions: Big Corporations: Situation in Non Financial Sector data remains active status in CEIC and is reported by The Central Bank of the Russian Federation. The data is categorized under Russia Premium Database’s Monetary and Banking Statistics – Table RU.KAC016: Bank Lending Tightness: Loans to Big Corporations.

Contingent Liquidity Facilities Market Outlook

According to our latest research, the global Contingent Liquidity Facilities market size reached USD 237.8 billion in 2024, reflecting a robust ecosystem driven by ongoing financial innovation and expanding risk management needs. The market is experiencing a healthy growth trajectory, with a recorded CAGR of 7.4% from 2025 to 2033. By the end of 2033, the market is forecasted to reach USD 448.7 billion, as organizations across the globe increasingly prioritize liquidity risk mitigation and regulatory compliance. This expansion is primarily fueled by heightened demand for reliable liquidity backstops, especially in volatile economic conditions and amid tightening global financial regulations.

Several key growth factors are propelling the Contingent Liquidity Facilities market forward. First, the ongoing evolution of the global regulatory landscape, particularly the implementation of Basel III and IV frameworks, has mandated stricter liquidity coverage ratios and stress-testing requirements for financial institutions. These regulatory shifts have compelled banks, non-banking financial institutions, and corporate entities to seek robust contingent liquidity solutions to ensure capital adequacy and operational continuity during periods of market stress. Additionally, the increasing complexity of global financial markets and the proliferation of cross-border transactions have amplified the need for sophisticated liquidity management tools. This has led to a surge in demand for both committed and uncommitted liquidity facilities, as organizations strive to maintain financial flexibility and safeguard against unforeseen cash flow disruptions.

Another significant growth driver is the heightened focus on risk management and contingency planning among enterprises of all sizes. The recent history of financial crises, coupled with the lingering effects of the COVID-19 pandemic, has underscored the importance of maintaining access to emergency funding sources. Corporations, financial institutions, and even government entities are increasingly leveraging contingent liquidity facilities as a strategic buffer to navigate uncertain market environments. The rise of digital finance, coupled with advancements in fintech, has also contributed to market expansion by streamlining the origination, monitoring, and activation of liquidity lines. These technological innovations have enhanced transparency, reduced operational costs, and improved the overall efficiency of contingent liquidity arrangements.

Furthermore, the rapid globalization of business operations and the growing interdependence of financial systems have made contingency liquidity planning a top priority for multinational organizations. Emerging markets, in particular, are witnessing increased adoption of these facilities as they integrate more deeply into the global economy. The ability to quickly mobilize funds in response to market shocks, geopolitical tensions, or supply chain disruptions is now viewed as a competitive necessity. This trend is further supported by the growing participation of multilateral agencies and non-banking financial institutions, which are expanding their offerings to cater to underserved segments and regions. As a result, the Contingent Liquidity Facilities market is poised for sustained growth, underpinned by a confluence of regulatory, technological, and macroeconomic factors.

From a regional perspective, North America continues to dominate the Contingent Liquidity Facilities market, accounting for the largest share in 2024. This leadership is attributed to the region's mature financial infrastructure, high regulatory compliance standards, and the presence of major global financial institutions. However, Asia Pacific is emerging as the fastest-growing region, driven by rapid economic development, increasing financial sector sophistication, and rising demand for risk management solutions. Europe also maintains a significant market presence, supported by stringent regulatory frameworks and a strong culture of financial prudence. Meanwhile, Latin America and the Middle East & Africa are gradually expanding, buoyed by improving financial inclusion and growing awareness of the importance of liquidity contingency planning. The global landscape is thus characterized by a dynamic interplay of regional strengths and growth opportunities.

According to a December 2022 report, the financial technology and technology industries saw the highest increases in job cuts when compared with the previous year. The financial technology (FinTech) industry saw a ******* percent increase in job cuts in 2022. FinTech companies are those using non-traditional financial methods to deliver financial services such as AI, blockchain, cloud computing, and big data. The FinTech industry saw boom during the early days of the pandemic, driven by low interest rates and tight financial conditions for consumers.

Russia Bank Lending Conditions: Small & Medium Business: Borrowers Financial Requirements data was reported at 2.041 % Point in Mar 2019. This records an increase from the previous number of 1.000 % Point for Dec 2018. Russia Bank Lending Conditions: Small & Medium Business: Borrowers Financial Requirements data is updated quarterly, averaging 2.001 % Point from Jun 2009 (Median) to Mar 2019, with 40 observations. The data reached an all-time high of 33.962 % Point in Dec 2014 and a record low of -5.814 % Point in Sep 2010. Russia Bank Lending Conditions: Small & Medium Business: Borrowers Financial Requirements data remains active status in CEIC and is reported by The Central Bank of the Russian Federation. The data is categorized under Russia Premium Database’s Monetary and Banking Statistics – Table RU.KAC017: Bank Lending Tightness: Loans to Small & Medium Business.

Leveraged Finance Market Outlook

According to our latest research, the global leveraged finance market size reached USD 3.12 trillion in 2024, demonstrating robust growth driven by increased corporate borrowing, private equity activity, and dynamic capital markets. The market is expected to expand at a CAGR of 7.4% from 2025 to 2033, reaching a projected value of USD 5.91 trillion by 2033. This significant growth is primarily attributed to the rising demand for alternative financing solutions among corporates and private equity firms, as well as the ongoing evolution of structured financial products to meet complex funding needs.

One of the primary growth factors fueling the leveraged finance market is the increasing appetite for high-yield bonds and leveraged loans among corporates seeking to optimize their capital structures. As global interest rates remain relatively low, companies are leveraging debt markets to access capital for expansion, acquisitions, and refinancing activities. The favorable credit environment has enabled businesses, especially those with sub-investment-grade ratings, to secure funding on attractive terms. This trend is further amplified by the growing sophistication of investors who are seeking higher returns through exposure to leveraged instruments, thus deepening market liquidity and spurring further growth.

Private equity firms play a pivotal role in driving demand within the leveraged finance market. The surge in buyout activity and merger & acquisition (M&A) transactions has necessitated the use of leveraged loans and mezzanine financing to structure complex deals. As competition among private equity players intensifies, there is a noticeable shift toward innovative financing structures that balance risk and reward. Additionally, the proliferation of structured finance products, such as collateralized loan obligations (CLOs), has expanded the investor base and provided additional avenues for risk distribution, further supporting market expansion.

Technological advancements and regulatory developments are also shaping the leveraged finance landscape. The adoption of advanced analytics and digital platforms has enhanced the efficiency of deal origination, risk assessment, and portfolio management. At the same time, evolving regulatory frameworks in key markets are fostering transparency and investor protection, thereby bolstering confidence in leveraged finance instruments. However, market participants must remain vigilant regarding potential headwinds, including tightening credit conditions, geopolitical uncertainties, and changing regulatory requirements, which could impact the pace of growth in the coming years.

Regionally, North America continues to dominate the leveraged finance market, accounting for the largest share due to its mature financial ecosystem and high concentration of private equity activity. Europe follows closely, benefiting from a resurgence in cross-border M&A and the increasing participation of alternative asset managers. The Asia Pacific region is emerging as a significant growth engine, driven by rapid economic development, financial market liberalization, and the rising adoption of leveraged financing solutions by corporates. Latin America and the Middle East & Africa, while smaller in absolute terms, are witnessing steady growth as local markets mature and global investors seek new opportunities for diversification.

Fund Finance has emerged as a crucial component in the broader financial landscape, offering tailored solutions that cater to the unique needs of investment funds. This specialized area of finance provides funds with the necessary liquidity to manage capital calls, bridge financing, and optimize cash flow management. As the investment fund industry continues to grow, the demand for fund finance solutions is expected to rise, driven by the increasing complexity of fund structures and the need for flexible capital solutions. The role of fund finance is pivotal in enabling funds to efficiently manage their portfolios and enhance returns for investors, thereby contributing to the overall dynamism of the leveraged finance market.

Securitization Market Outlook

According to our latest research, the global securitization market size reached USD 3.12 trillion in 2024, reflecting a robust expansion driven by increasing demand for liquidity and risk transfer among financial institutions. The market is expected to grow at a CAGR of 7.2% from 2025 to 2033, projecting a total market value of USD 5.81 trillion by the end of 2033. This growth is fueled by a combination of regulatory reforms, technological advancements in financial modeling, and the rising need for diversified funding sources. As per our latest research, the securitization industry is undergoing significant transformation, further accelerated by evolving investor preferences and the emergence of new asset classes.

One of the primary growth drivers of the securitization market is the increasing demand for liquidity management among financial institutions and banks. In a global financial landscape marked by volatility and tightening credit conditions, securitization enables these entities to convert illiquid assets into tradable securities, thereby unlocking capital and enhancing balance sheet efficiency. The ability to offload credit risk while simultaneously accessing new pools of investors has become a strategic imperative, particularly as regulatory capital requirements become more stringent following Basel III and other international standards. This dynamic is especially pronounced in developed markets, where sophisticated financial infrastructure and investor appetite for structured products are supporting the steady expansion of securitization activities.

Technological innovation is another critical factor propelling the securitization market forward. The adoption of advanced analytics, artificial intelligence, and blockchain technologies is streamlining the structuring, issuance, and management of securitized products. These advancements are not only reducing operational costs but also improving transparency and risk assessment capabilities, making securitization more attractive to a broader range of market participants. Furthermore, the rise of fintech firms is fostering greater competition and innovation in the origination and distribution of securitized assets, particularly in emerging markets where access to traditional funding sources may be limited. As these technologies mature, they are expected to further democratize access to securitization, opening up opportunities for non-traditional players and smaller institutions.

Regulatory reforms and evolving investor preferences are also shaping the growth trajectory of the securitization market. Post-crisis regulatory measures have introduced greater oversight and transparency, restoring investor confidence and attracting a more diverse set of institutional investors, including pension funds and insurance companies. These investors are increasingly seeking exposure to securitized products as a means of achieving portfolio diversification and enhanced yield in a low-interest-rate environment. At the same time, the expansion of green and social securitization is aligning the market with global sustainability goals, creating new avenues for growth and innovation. The convergence of these trends is driving the development of new asset classes and structures, further broadening the appeal and resilience of the securitization market.

Regionally, North America continues to dominate the securitization landscape, accounting for the largest share of global issuance and innovation. However, Europe and Asia Pacific are rapidly catching up, fueled by regulatory harmonization and growing investor demand. In Europe, the implementation of the Simple, Transparent, and Standardized (STS) framework has revitalized the market, while in Asia Pacific, rising household credit and infrastructure financing needs are spurring new securitization activity. Latin America and the Middle East & Africa, though smaller in scale, are also witnessing increased adoption as local financial markets mature and seek alternative funding mechanisms. This regional diversification is contributing to the overall stability and resilience of the global securitization market.

Asset Type Analysis

The securitization market is broadly segmented by asset type into Mortgage-Backed Securities (MBS), Asset-Backed Securities (ABS), Collateralized Debt Obligations (CDOs), Collateralized

Bank Lending Conditions: Households: Borrowers Financial Requirements data was reported at 0.962 % Point in Mar 2019. This records a decrease from the previous number of 1.923 % Point for Dec 2018. Bank Lending Conditions: Households: Borrowers Financial Requirements data is updated quarterly, averaging -1.098 % Point from Jun 2009 (Median) to Mar 2019, with 40 observations. The data reached an all-time high of 32.468 % Point in Dec 2014 and a record low of -13.265 % Point in Mar 2010. Bank Lending Conditions: Households: Borrowers Financial Requirements data remains active status in CEIC and is reported by The Central Bank of the Russian Federation. The data is categorized under Russia Premium Database’s Monetary and Banking Statistics – Table RU.KAC018: Bank Lending Tightness: Loans to Households.

Russia Bank Lending Conditions: Small & Medium Business: Situation in Non Financial Sector data was reported at 1.020 % Point in Mar 2019. This records an increase from the previous number of 1.000 % Point for Dec 2018. Russia Bank Lending Conditions: Small & Medium Business: Situation in Non Financial Sector data is updated quarterly, averaging 0.946 % Point from Jun 2009 (Median) to Mar 2019, with 40 observations. The data reached an all-time high of 36.275 % Point in Jun 2009 and a record low of -18.750 % Point in Jun 2010. Russia Bank Lending Conditions: Small & Medium Business: Situation in Non Financial Sector data remains active status in CEIC and is reported by The Central Bank of the Russian Federation. The data is categorized under Russia Premium Database’s Monetary and Banking Statistics – Table RU.KAC017: Bank Lending Tightness: Loans to Small & Medium Business.

Digital Asset Collateral Pledging Market Outlook

According to our latest research, the global Digital Asset Collateral Pledging market size reached USD 9.2 billion in 2024. The market is exhibiting robust momentum, with an impressive CAGR of 19.8% projected during the forecast period. By 2033, the global Digital Asset Collateral Pledging market is forecasted to attain a value of USD 44.1 billion. This remarkable growth is primarily driven by the increasing adoption of decentralized finance (DeFi) protocols, rising institutional acceptance of digital assets, and the proliferation of innovative blockchain-based financial products that are transforming collateral management practices.

One of the principal growth factors propelling the Digital Asset Collateral Pledging market is the rapid expansion of the cryptocurrency ecosystem and the growing integration of digital assets into traditional financial systems. The surge in demand for alternative financing solutions, especially amid tightening credit conditions in conventional markets, has encouraged both retail and institutional investors to explore digital asset-backed lending and borrowing platforms. This trend is further fueled by the evolution of regulatory frameworks that are gradually embracing digital assets, providing greater clarity and security for market participants. The increasing sophistication of smart contracts and blockchain technology has made it possible to automate collateral management, reduce counterparty risk, and ensure transparency, thus boosting confidence and adoption across the financial landscape.

Another significant driver for market growth is the emergence of tokenized securities and stablecoins as viable forms of collateral. Tokenization of real-world assets, such as equities, bonds, and real estate, has unlocked new opportunities for asset owners to leverage their holdings in the digital economy. Stablecoins, with their price stability and liquidity, have become a preferred collateral type for a variety of DeFi applications, including margin trading and asset-backed financing. These innovations are attracting a more diverse set of users, ranging from high-net-worth individuals to large financial institutions, and are facilitating the seamless movement of value across borders. As a result, the Digital Asset Collateral Pledging market is witnessing a significant broadening of its user base and use cases, which is expected to sustain its upward trajectory over the coming years.

The growing need for efficient collateral management solutions in the context of decentralized finance has spurred the development of both centralized and decentralized platforms for digital asset pledging. Centralized platforms, often operated by established financial institutions or fintech startups, offer robust security features and regulatory compliance, appealing to risk-averse users. On the other hand, decentralized platforms provide greater flexibility, accessibility, and transparency, catering to tech-savvy investors and crypto-native participants. The interplay between these two models is fostering healthy competition and innovation, leading to the creation of hybrid solutions that combine the best of both worlds. Furthermore, the integration of advanced risk assessment tools, real-time monitoring, and automated liquidation mechanisms is enhancing the overall efficiency and resilience of digital asset collateral systems.

From a regional perspective, North America currently dominates the Digital Asset Collateral Pledging market, accounting for the largest share of global revenues. This leadership position is attributed to the region's advanced fintech infrastructure, high concentration of institutional investors, and proactive regulatory initiatives supporting digital asset innovation. Europe and Asia Pacific are also emerging as significant markets, driven by increasing adoption of blockchain technology, supportive government policies, and the presence of vibrant crypto ecosystems. Latin America and the Middle East & Africa are witnessing steady growth, fueled by rising financial inclusion and the need for alternative financing solutions. As regulatory clarity improves and cross-border interoperability challenges are addressed, the global Digital Asset Collateral Pledging market is poised for sustained expansion across all major regions.

This is the World Bank's second economic report on Iran since the resumption of regular Bank activities in 1990. The report reviews major economic trends and policies in recent years. It also suggests further policy actions to improve domestic resource mobilization, to develop the financial sector, and to strengthen external debt management. In addition, the report analyses the economy~^!!^s medium-term prospects consistent with the suggested policy changes. While the first report included reviews of selected sectors (agriculture, industry, energy, urban infrastructure, transport and education), the present one deals mainly with macroeconomic issues and prospects. During the past few years, the country~^!!^s financial situation has deteriorated due to weak oil prices, overly expansionary fiscal policies, and excessive short-term borrowing for public as well as private expenditures. The tight financial situation has not only constrained development expenditures and debt servicing, but also jeopardizes the maintenance of the latest reforms. To avoid policy reversals which can damage international perceptions of the government~^!!^s commitment to reform, measures other than foreign exchange controls are preferable to manage the financial constraint. These measures would help attain price stability and develop the financial sector. To that end, this report focuses on the macroeconomic measures now needed urgently to complement the sound policies undertaken during the First Five Year Plan of 1989-1993 (FFYP), and those to be pursued during the Second Five Year Plan (SFYP).

Executive Summary The Canada Deposit Insurance Corporation (CDIC) helps safeguard the stability of the financial system by providing deposit insurance against the loss of eligible deposits at member institutions in the event of failure, and by ensuring the orderly resolution of troubled member institutions. Canada’s economy is facing continued headwinds due to global and domestic factors, including tighter monetary policy, rising interest rates, geo-political tensions, and low housing affordability. In 2022, this resulted in cost-of-living pressures and a decline in real and financial asset values. For Canadian businesses, the year ahead outlook is cautious. Businesses continue to navigate a tight labour market and worker skill shortages. Borrowing costs are on the rise. Real business investment in Canada continues to lag behind pre-pandemic levels. CDIC’s member institutions are facing a period of economic uncertainty. However, member institutions are in stable financial condition due in part to capital and liquidity buffers and well-regulated funding standards for members. Nonetheless, CDIC will continue to focus on strengthening its readiness to respond to a variety of these circumstances and possible shocks to the financial system. Alongside these conditions, the pace of digitalization and innovation in the financial sector is resulting in new financial products, services, and players, which are fundamentally changing the financial sector landscape. CDIC will work proactively to ensure that the deposit insurance, resolution frameworks, and operations remain fit for purpose. CDIC will also strive to increase awareness of deposit insurance to maintain depositor confidence and reinforce financial sector resilience as the landscape continues to evolve. The digitalization of finance has implications for how Canadian depositors access their money and for the security of their data against cyber threats. To maintain depositor confidence, CDIC is transforming its technological capabilities to increase the speed, security, and convenience of access to insured deposits in the event of a member failure. CDIC is also evolving its workplace to respond to changes in the operating environment. There has been an acceleration of technological and cultural changes for all organizations, with competition for talent at an all-time high. CDIC will continue to implement strategies to attract and retain top talent including through Indigenous partnerships to ensure that its employees are representative of Canada’s diverse population. As CDIC continues to experiment with a hybrid work model, CDIC will continue to adapt its technology, operations, and skills training across the organization to maintain flexibility for staff and capability to fulfill its mandate to serve Canadians. CDIC will continue to embed Environmental, Social, and Governance (ESG) principles and initiatives into its operations to foster long-term sustainability and resiliency. CDIC will focus on three strategic objectives for the 2023/2024 to 2027/2028 planning period, anchored to the Corporation’s mandate as deposit insurer and resolution authority: 1 — Be resolution ready Being resolution ready involves having the necessary processes, tools, systems, and financial capacity, as well as the right people to allow CDIC to resolve a member institution if necessary. This is important because CDIC’s role within Canada’s financial safety net intensifies during times of economic hardship or uncertainty and being resolution ready is a key element in promoting financial stability. 2 — Reinforce trust in depositor protection Depositor confidence in the safety of their deposits is essential to CDIC’s mission to serve Canadians, and for the stability of the financial sector. CDIC will reinforce trust in depositor protection by anticipating and responding to innovation in the financial sector to ensure that the deposit insurance and resolution frameworks, as well as CDIC’s operations, remain fit for purpose to maintain depositor confidence. 3 — Strengthen organizational resilience Strengthening organizational resilience involves addressing internal and external factors that can impact CDIC’s technologies, people, and culture. CDIC will enhance the efficiency and effectiveness of its systems, technology, operations, and skills training to ensure that the Corporation can continue to fulfill its mandate while being prepared for the workplace of tomorrow. In fiscal 2023/2024, CDIC’s operating budget will be $89.1 million, and its capital budget will be $3.8 million. CDIC maintains ex ante funding to cover possible deposit insurance losses. The amount of such funding is represented by the aggregate of CDIC’s retained earnings and the provision for insurance losses. CDIC’s ex ante fund totalled $7.9 billion (73 basis points of insured deposits) as at December 31, 2022. The Corporate Plan anticipates and responds to the evolving operating environment and risks facing CDIC and supports the Corporation’s achievement of its mandate while striving to maintain Canadians’ confidence that their eligible deposits are protected.

The Ecuadorian financial sector has remained stable, but credit growth has slowed since mid-2022, liquidity conditions have tightened, and GDP growth has moderated. Higher international interest rates and competition for deposits have increased funding costs which, combined with ceilings on lending rates, has led to margin compression for credit providers. The institutional framework for financial sector oversight is not functioning as intended, and concrete actions are needed to improve inter-institutional coordination. The framework is prone to political intervention, oversight and supervisory bodies have resource and capacity constraints, and there is a lack of clarity on roles and mandates, as well as a lack of information-sharing. This constrains the effectiveness of financial stability oversight and holds back financial markets development. In order to improve the functioning of the institutional framework, the division of objectives, functions and powers of each agency should be clarified, cooperation and information sharing agreementsshould be agreed, data-sharing protocols implemented, and a systematic process to monitor systemic risks and enhance analytical capacity should be initiated. Processes, organizational arrangements, and tools are needed to monitor, assess and mitigate systemic risks (including through the establishment of a Financial Stability Committee). A National Payments Council or similar body should also be created. Financial supervision needs to be strengthened, including through the full implementation of the new risk-based supervision framework by the Superintendencia de Bancos (SB), and by ensuring that SB and the Super intendencia de Economia Popular y Solidaria (SEPS) have the supervisory powers and tools needed. Authorities are committed to strengthen the prudential framework and have several ongoing initiatives in this direction. However, institutional shortcomings, insufficiently trained staff, and lack of coordination impair sound supervision. Closing the large gap between current practices and international standards requires a comprehensive plan including actions to substantially enhance the technical and analytical capacity of financial sector authorities, to set safety and soundness as the primary goal of supervisory agencies, and to remove constraints to their independence and enhance their powers. Greater attention to climate-related risks is also needed.

Dynamic Receivables Finance Market Outlook

According to our latest research, the global Dynamic Receivables Finance market size reached USD 3.85 billion in 2024, with a robust compound annual growth rate (CAGR) of 13.5% observed over recent years. This momentum is expected to continue, with the market forecasted to reach USD 11.42 billion by 2033. The primary growth driver for this market is the increasing demand for liquidity solutions among businesses seeking to optimize cash flows and mitigate credit risks in an evolving global economic landscape.

One of the most significant growth factors propelling the Dynamic Receivables Finance market is the escalating adoption of digital platforms and fintech innovations. The integration of advanced analytics, artificial intelligence, and blockchain technologies has revolutionized traditional receivables finance, making it more accessible, efficient, and transparent. Businesses are increasingly leveraging these solutions to gain real-time insights into their financial positions, automate processes, and reduce manual errors. This digital transformation is particularly beneficial for small and medium enterprises (SMEs), which often face challenges in securing working capital through conventional banking channels. The enhanced user experience and operational efficiencies offered by dynamic receivables finance platforms are accelerating their adoption across diverse industry verticals.

Another key driver is the evolving regulatory landscape and the growing need for compliance with global financial standards. Regulatory bodies across regions are emphasizing transparency, risk management, and the adoption of best practices in trade finance operations. This has prompted organizations to adopt dynamic receivables finance solutions that offer robust compliance features, advanced reporting capabilities, and secure transaction frameworks. Additionally, the rise in cross-border trade and the increasing complexity of supply chains have heightened the demand for flexible and scalable receivables finance solutions. These platforms enable organizations to manage multi-currency transactions, mitigate foreign exchange risks, and streamline global operations, further fueling market growth.

The market is also being shaped by macroeconomic factors, such as fluctuating interest rates and tightening credit conditions. In the face of economic uncertainties, businesses are turning to dynamic receivables finance as a strategic tool to unlock trapped working capital and maintain liquidity. This trend is especially pronounced in sectors with extended payment cycles and high accounts receivable balances, such as manufacturing, retail, and healthcare. The ability to convert invoices into immediate cash flow without incurring additional debt is a compelling value proposition, driving widespread adoption. Moreover, the competitive landscape is intensifying, with both traditional financial institutions and fintech startups vying for market share through innovative product offerings and strategic partnerships.

From a regional perspective, North America continues to dominate the Dynamic Receivables Finance market due to its mature financial infrastructure, high digital adoption rates, and a strong presence of leading solution providers. However, Asia Pacific is emerging as the fastest-growing region, driven by rapid economic development, increasing SME activity, and supportive government policies promoting digital finance. Europe also holds a significant share, benefiting from a well-established trade finance ecosystem and regulatory harmonization across member states. Meanwhile, Latin America and the Middle East & Africa are witnessing steady growth as businesses in these regions seek innovative solutions to address liquidity challenges and support expansion initiatives.

Solution Type Analysis

The Solution Type segment of the Dynamic Receivables Finance market encompasses invoice discounting, factoring, supply chain finance, and other emerging models. Invoice discounting remains a preferred choice for organizations seeking to maintain control over their sales ledger while unlocking immediate cash flow. This solution allows businesses to borrow against outstanding invoices, providing rapid access to funds without altering customer relationships. The growing need for flexible short-te