Bank of England publishes scenario for private markets stress test
Published: 19 June 2026
The ACC supports the aims of the Bank of England’s Private Market SWES exercise. Leading private market firms are stepping forward to help build a stronger evidence base on how private markets behave under stress, and that is a positive and necessary contribution to the financial stability debate.
The scenario is deliberately very severe, with global aggregate supply pressures and geopolitical disruption combining to create deep global recession. Bringing together banks, asset managers, investors and private market specialists provides an important opportunity to examine how such an extreme shock could affect the availability of finance and liquidity to corporates.
This exercise breaks new ground and brings conceptual, operational and resource challenges. The industry’s engagement is a testament to its commitment to transparency, regulatory cooperation and constructive dialogue. The ACC will continue to support the exercise as a way to have a more informed debate on the role of private credit in the economy and the stability of the financial system. Too much of that debate currently rests on generalised, anxiety-inducing speculation. A robust, data-led exercise can help replace such speculation with evidence.
We welcome engagement from firms, investors and other stakeholders interested in the exercise and its findings; please contact us at [email protected].
