The amount outstanding of cash and deposits has been on an increasing trend for both large enterprises and SMEs. In contrast, net interest-bearing debt -- the  2  difference between interest-bearing debt and cash and deposits -- has been decreasing as a trend among SMEs, unlike large enterprises, showing no clear increase since 2018 (Chart 6).
Repricing risks and liquidity difficulties render financial markets and non-bank financial institutions vulnerable to disorderly risk adjustments. Investment funds' liquid asset holdings remain low and could thus amplify a market correction in a forced selling scenario. Since last year, rising rates reduced by around 4% the value of insurance companies and pension funds' bond portfolios.