Long-term interest rates in the United States and other major industrial countries have not yet shown any clear upward movement compared with two years ago when crude oil prices started to rise and a year and a half ago when the Federal Reserve started to raise the federal funds rate target.
For example, by the end of March 2023 we expect all banks to have a sound and comprehensive materiality assessment and business environment scan in place. This means that banks must make an explicit judgement on the impact of C&E risks through various transmission channels in the short, medium and long term across their portfolios.