The macro-financial environment has deteriorated substantially over the course of 2022. It has been shaped by subdued growth prospects, high inflation as well as rising interest rates and risk premia. Banks, insurers and investment funds have already recorded losses as a result of market corrections. The sharply higher and extremely volatile stock market prices for energy products have sharply increased the collateral requirements of central counterparties in derivatives trading. That said, government measures have been able to cushion liquidity shortages at enterprises in the energy sector. Overall, however, the supply of credit to the economy has worked well to date.