On 13 July 2015, the European Systemic Risk Board (ESRB) published a paper (Occasional Paper No. 7) assessing the exposures that insurers may have due to holding debt, equity and other financial instruments (to other financial institutions, including other insurers). The ESRB's study shows that insurers' exposures to banks are not significant (with approximately 10% of insurers' total assets exposed, based on the insurance groups reviewed by the ESRB). According to the ESRB, given that insurers' solvency positions are high (and concentration of their exposures is low), insurers are not likely to find themselves in default solely as a result of default by a financial counterparty.