The Financial Policy Committee assesses the outlook for financial stability by identifying the risks faced by the financial system and weighing them against the resilience of the system. Part A of this Report identifies the major risks which, in the Committee’s judgement, are facing the UK financial system and Part B reports on the resilience of the system. The composition of risks has shifted and the resilience of the system has continued to improve since the December Report. Overall, the Committee judges that challenges remain. It judged the outlook for financial stability to have been broadly unchanged over much of the period since December but, as risks associated with Greece began to crystallise in recent days, the outlook had worsened.