EFTA Document EFTA01459659

CIO View Special ilmt.4. 5:4•Ore Faculty 2016 13 One source of systemic risk could, of course, he the banking sector. At this stage, this looks very unlikely. U.S. banking stocks have been hammered in recent weeks. In January 2016 alone the sector is down 15%. This probably reflects broader capital-market turmoil more than the falling oil price. Direct exposure to the U.S. energy sector looks limited, typically to under 3% of U.S. bank loans. Admittedly, ratios are higher for some of the