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  • Event
    Macroprudential policy workshop

    Submit your paper by 30 June for the 14th Workshop on Macroeconomic Policy Research, which will take place at the Magyar Nemzeti Bank in Budapest on 10 and 11 November 2016. It aims to bring together central bankers and researchers with an interest in macroprudential policy.

21/06/2016
Mario Draghi:  Hearing before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, Chair of the ESRB, 
Brussels, 21 June 2016
06/06/2016
ESRB Conference on the macroprudential use of margins and haircuts
06/06/2016
Vítor Constâncio:  Margins and haircuts as a macroprudential tool
Remarks by Vítor Constâncio, Vice-President of the ECB, at the ESRB Conference on Macroprudential Margins and Haircuts, 
Frankfurt, 6 June 2016
24/03/2016
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board (ESRB) held its 21st regular meeting on 17 March 2016.
29/01/2016
ESRB approves two recommendations that expand the European macroprudential policy framework

All press releases

09/06/2016
Working paper no. 13: Banks' exposure to interest rate risk and the transmission of monetary policy, by Matthieu Gomez, Augustin Landier, David Sraer, David Thesmar
03/06/2016
Working paper no. 12: Extreme risk interdependence, by Arnold Polanski, Evarist Stoja
13/05/2016
A Review of Macroprudential Policy in the EU in 2015
02/05/2016
Working paper no. 11: Bank exposures and sovereign stress transmission, by Carlo Altavilla, Marco Pagano, Saverio Simonelli
02/05/2016
Working paper no. 10: Systemic risk in clearing houses: Evidence from the European repo market, by Charles Boissel, François Derrien, Evren Örs, David Thesmar

All reports & research

24/05/2016
Adverse scenario for 2016 EIOPA EU-wide insurance corporation stress tests
Details

The ESRB has today published the adverse scenario and the accompanying qualitative questionnaire for the EU-wide stress tests for insurance corporations to be carried out by the EIOPA in 2016. This scenario, which has been approved by the General Board of the ESRB, highlights adverse conditions that are relevant to this sector. This information has also been published by the EIOPA as part of its communication on the 2016 EU-wide stress tests.

Questionnaire
Letter
13/05/2016
Letter from Mario Draghi, Chair of the ESRB, to Olivier Guersent, Director General of FISMA at the European Commission, on the possible use of Article 459 of the Capital Requirements Regulation
11/05/2016
Adverse scenario for 2016 ESMA EU-wide central counterparty stress tests.
Details

The ESRB has today published the adverse scenario for the EU-wide central counterparty stress tests carried out by the ESMA in 2016. This scenario, which has been approved by the General Board of the ESRB, highlights adverse conditions that are relevant to this sector.

Letter
02/05/2016
Handbook on the assessment of compliance with ESRB recommendations
22/04/2016
Recommendation of 24 March 2016 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2016/3).
31/03/2016
Recommendation of the European Systemic Risk Board of 21 March 2016 amending Recommendation ESRB/2012/2 on funding of credit institutions (ESRB/2016/2).
22/03/2016
Opinion of the European Systemic Risk Board of 18 February 2016 regarding the extension of a stricter Belgian measure based on Article 458 of the CRR (ESRB/2016/1) and related note
ENGLISH
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Report
ENGLISH
OTHER LANGUAGES (2) +
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17/03/2016
Adverse scenario for EBA 2016 EU-wide banking sector stress tests.
Details

The ESRB has today published the adverse scenario for the EU-wide banking sector stress tests to be carried out by the EBA in 2016. This scenario, which has been approved by the General Board of the ESRB, highlights adverse conditions that are relevant to this sector. This information has also been published by the EBA as part of its communication on the 2016 EU-wide stress test.

Letter
10/02/2016
The ESRB response to ESMA on the temporary exclusion of exchange-traded derivatives from Articles 35 and 36 of MiFIR
29/01/2016
Decision on a coordination framework for the notification of national macroprudential policy measures by relevant authorities, the issuing of opinions and recommendations by the ESRB, and repealing Decision ESRB/2014/2
29/01/2016
Decision on the assessment of materiality of third countries for the Union’s banking system in relation to the recognition and setting of countercyclical buffer rates
29/01/2016
Recommendation on recognising and setting countercyclical buffer rates for exposures to third countries (ESRB/2015/1)
29/01/2016
Recommendation on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2015/2)
18/01/2016
ESRB publishes a report on systemic risk implications of CCP interoperability arrangements.
06/01/2016
Letter from Stefan Ingves, ATC Chair, to Andrea Enria, EBA Chair, on the consultation regarding the net stable funding ratio.
29/07/2015
ESRB report on issues to be considered in the EMIR revision other than the efficiency of margining requirements
29/07/2015
ESRB report on the efficiency of margining requirements to limit pro-cyclicality and the need to define additional intervention capacity in this area (issued within the framework of the EMIR assessment)
13/07/2015
ESRB response to ESMA Consultation Paper No. 4 on the clearing obligation for other OTC interest rate derivatives
01/07/2015
Statement on the legal subordination of senior unsecured liabilities made by the Head of the ESRB Secretariat to the Financial Committee of the German Parliament
ENGLISH
OTHER LANGUAGES (1) +
Select your language
23/06/2015
ESRB Recommendation on lending in foreign currencies (ESRB/2011/1): Follow-up Report – Overall assessment
02/06/2015
ESRB document: National competent or designated authorities for CRD IV/CRR instruments and current or future implementation of macroprudential instruments (updated May 2015)
02/05/2015
Adverse scenarios for EIOPA 2015 EU-wide stress tests of pension funds
Details

The ESRB has today published the adverse scenarios for the EU-wide stress tests for defined benefit pension funds to be carried out by the EIOPA in 2015. These scenarios, which have been approved by the General Board of the ESRB, highlight adverse conditions that relevant to this sector. This information has also been published by the EIOPA as part of its communication on the 2015 EU-wide stress tests.

14/04/2015
ESRB Recommendation on US dollar denominated funding of credit institutions (ESRB/2011/2): Follow-up report – overall assessment, March 2015
06/01/2015
Letter from Mario Draghi, Chair of the ESRB, to Jonathan Faull, Director General of FISMA at the European Commission, on the possible use of Article 459 of the Capital Requirements Regulations
06/11/2014
ESRB response to the ESMA consultation paper on mandatory central clearing for foreign-exchange non-deliverable forward OTC derivatives
21/10/2014
Decision of the European Systemic Risk Board of 16 September 2014 on the extension of certain deadlines set by Recommendation ESRB/2012/2 on funding of credit institutions (ESRB/2014/4)
Annex
25/09/2014
ESRB response to the ESMA consultation paper on mandatory central clearing for OTC credit derivatives
20/08/2014
ESRB response to the ESMA consultation paper on mandatory central clearing for OTC interest rate derivatives
21/07/2014
Opinion of the European Systemic Risk Board of 30 April 2014 regarding Belgian notification of a stricter measure based on Article 458 of the CRR (ESRB/2014/1) and related report
ENGLISH
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Select your language
Report
ENGLISH
OTHER LANGUAGES (2) +
Select your language
30/06/2014
Decision of the European Systemic Risk Board of 18 June 2014 on the extension of the deadline included in Recommendation ESRB/2011/3 of 22 December 2011 on the macro-prudential mandate of national authorities (ESRB/2014/3)
30/06/2014
Recommendation of the European Systemic Risk Board of 18 June 2014 on guidance for setting countercyclical buffer rates (ESRB/2014/1)
25/06/2014
ESRB Recommendation on the macro-prudential mandate of national authorities (ESRB/2011/3): Follow-up Report – Overall assessment
30/04/2014
ESRB response to the call for advice by the European Commission on macro-prudential rules in the CRD/CRR, and the initial call for advice
Call for advice
30/04/2014
Adverse scenario for EBA 2014 EU-wide banking sector stress tests
Details

The ESRB has today published the adverse scenario for the EU-wide banking sector stress tests to be carried out by the EBA in 2014. This scenario, which has been approved by the General Board of the ESRB, highlights adverse conditions that are relevant to this sector. This information has also been published by the EBA as part of its communication on the 2014 EU-wide stress tests.

Letter
30/04/2014
Adverse scenarios for EIOPA 2014 EU-wide stress tests of insurance corporations
Details

The ESRB has today published the adverse scenarios and the accompanying qualitative questionnaire for the EU-wide stress tests for insurance corporations to be carried out by the EIOPA in 2014. These scenarios, which have been approved by the General Board of the ESRB, highlight adverse conditions that relevant to this sector. This information has also been published by the EIOPA as part of its communication on the 2014 EU-wide stress tests.

Letter
Questionnaire
20/03/2014
Response from the ESRB to the EBA consultation paper on draft guidelines on disclosure of encumbered and unencumbered assets
20/03/2014
Response from the ESRB to the EBA consultation paper on draft guidelines on harmonised definitions and templates for funding plans of credit institutions under ESRB Recommendation 2012/2 A.4
28/01/2014
Decision of the European Systemic Risk Board of 27 January 2014 on a coordination framework regarding the notification of national macro-prudential policy measures by competent or designated authorities and the provision of opinions and the issuing of recommendations by the ESRB (ESRB/2014/2) and associated notification templates
Template for notifying the ESRB of the intended use of a systemic risk buffer (SRB)
Template for measures taken under Article 458 of the Capital Requirements Regulation (CRR)
04/11/2013
ESRB Recommendation on lending in foreign currencies (ESRB/2011/1) Follow-up Report – Overall assessment
08/07/2013
Letter from Mario Draghi, Chair of the ESRB, to various recipients, concerning considerations on the ESRB review, and accompanying document (Report of the High-Level Group on the ESRB Review)
High-Level Group Report
01/07/2013
Response from the ESRB to the ESMA Consultation Paper on Guidelines on reporting obligations under Article 3 and Article 24 of the AIFMD
28/06/2013
Response from the ESRB to the EBA consultation paper on draft implementing technical standards on asset encumbrance reporting under Article 95 of the draft Capital Requirements Regulation
24/06/2013
ESRB response to the EBA consultation paper on draft implementing technical standards on supervisory reporting on forbearance and non-performing exposures under Article 95 of the draft Capital Requirements Regulation
20/06/2013
Recommendation of the European Systemic Risk Board of 4 April 2013 on intermediate objectives and instruments of macro-prudential policy (ESRB/2013/1)
18/02/2013
Recommendation of the European Systemic Risk Board of 20 December 2012 on funding of credit institutions (ESRB/2012/2) and related annex
Annex
18/02/2013
Recommendation of the European Systemic Risk Board of 20 December 2012 on money market funds (ESRB/2012/1) and related annex
Annex
20/12/2012
ESRB response to the European Commission consultation on a possible recovery and resolution framework for financial institutions other than banks
19/11/2012
Macro-prudential aspects of the reform of benchmark indices: response to a consultation by the European Commission on a possible framework for the regulation of the production and use of indices serving as benchmarks in financial and other contracts
29/08/2012
Advice of the European Systemic Risk Board of 31 July 2012 submitted to the European Securities and Markets Authority in accordance with Article 10(4) of Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories concerning the use of OTC derivatives by non-financial corporations (ESRB/2012/2) and accompanying ESRB document: Macro-prudential stance on the use of OTC derivatives by non-financial corporations in response to a consultation by ESMA based on Article 10 of the EMIR Regulation
Macro-prudential stance
29/08/2012
Advice of the European Systemic Risk Board of 31 July 2012 submitted to the European Securities and Markets Authority in accordance with Article 46(3) of Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories concerning the eligibility of collateral for CCPs (ESRB/2012/3) and accompanying ESRB document: Macro-prudential stance on eligible collateral for central counterparties in response to a consultation by ESMA - based on Article 46 of the EMIR Regulation
Macro-prudential stance
01/06/2012
The ESRB’s reply to the European Commission's Green Paper on shadow banking
02/04/2012
Principles for the development of a macro-prudential framework in the EU in the context of the capital requirements legislation – a letter from Mario Draghi, Chair of the ESRB, to key EU recipients
30/03/2012
ESRB response to the EBA consultation paper on draft implementing technical standards on large exposures (CP 51)
28/03/2012
ESRB response to the EBA consultation paper on draft implementing technical standards on supervisory reporting requirements for institutions (CP 50)
15/03/2012
ESRB comments on the Proposal for quantitative reporting templates for financial stability purposes in response to a consultation paper of the European Insurance and Occupational Pensions Authority
16/01/2012
Recommendation of the European Systemic Risk Board of 22 December 2011 on US dollar denominated funding of credit institutions (ESRB/2011/2)
16/01/2012
Recommendation of the European Systemic Risk Board of 22 December 2011 on the macro-prudential mandate of national authorities (ESRB/2011/3)
09/12/2011
Letter from Francesco Mazzaferro, Head of the ESRB Secretariat, to Marco Buti, Director General of the Directorate General Economic and Financial Affairs of the European Commission and related document on the envisaged scoreboard indicators relevant for financial market stability
Related document
22/11/2011
Recommendation of the European Systemic Risk Board of 21 September 2011 on lending in foreign currencies (ESRB/2011/1)
21/09/2011
ESRB response to the ESMA consultation paper on guidelines on systems and controls in a highly automated trading environment for trading platforms, investment firms and competent authorities
21/09/2011
ESRB response to the ESMA discussion paper on policy orientations and guidelines for UCITS exchange-traded funds and structured UCITS

ESRB policy

15/06/2016
Notification by Česká národní banka on changes in recommended LTV limits
14/06/2016
Notification by Finanssivalvonta (the Finnish Financial Supervisory Authority) on risk weights for housing loans
26/04/2016
Notification by Eesti Pank on two other systemically important institutions (O-SIIs).
26/04/2016
Notification by Eesti Pank on the systemic risk buffer.
Analysis
19/04/2016
Notification by Finanzmarktaufsicht of Austria on seven other systemically important institutions (O-SIIs).
08/04/2016
Notification by the Prudential Regulation Authority of the United Kingdom on 16 other systemically important institutions (O-SIIs).
04/04/2016
Notification by Commission de Surveillance du Secteur Financier of Luxembourg on the recognition of countercyclical capital buffer rates of other Member States.
23/03/2016
Notification by Magyar Nemzeti Bank (the central bank of Hungary) on the start of operation of a dedicated asset management company.
Template
18/03/2016
Notification by Haut Conseil de stabilité financière (France) on the reciprocation of a stricter Belgian measure based on Article 458 of the CRR
21/01/2016
Notification by Belgium on the extension of a stricter measure based on Article 458 of the CRR.
Template
20/01/2016
Notification by the National Bank of Belgium on a shorter transitional period for the countercyclical capital buffer.
Annex
18/01/2016
Notification by Bank of England on the recognition of shorter transitional periods for the capital conservation buffer and the countercyclical capital buffer.
13/01/2016
Notification by Banka Slovenije on eight other systemically important institutions (O-SIIs).
13/01/2016
Notification by Banco de España on six other systemically important institutions (O-SIIs).
Template
31/12/2015
Notification by the Central Bank of Cyprus on six other systemically important institutions (O-SIIs).
30/12/2015
Notification by Komitet Stabilności Finansowej (Financial Stability Committee of Poland) on the capital conservation buffer and the countercyclical capital buffer.
29/12/2015
Notification by Banca Naţională a României (National Bank of Romania) on the implementation of the capital conservation buffer.
29/12/2015
Notification by Banco de Portugal on seven other systemically important institutions (O-SIIs).
29/12/2015
Notification by the Financial and Capital Market Commission of Latvia on six other systemically important institutions (O-SIIs).
28/12/2015
The ESRB publishes an updated overview of measures of macroprudential interest.
28/12/2015
Notification by the Malta Financial Services Authority on the capital conservation buffer and the countercyclical capital buffer.
23/12/2015
Notification by FIN-FSA (the Finnish Financial Supervisory Authority) of its decision not to impose a countercyclical capital buffer requirement or introduce other macroprudential instruments.
18/12/2015
Notification by De Nederlandsche Bank (the central bank of the Netherlands) on the identification of one global systemically important institution (G-SII).
18/12/2015
Notification by the Bundesanstalt für Finanzdienstleistungsaufsicht of Germany (BaFin) on the identification of a global systemically important institution (G-SII).
18/12/2015
Notification by Česká národní banka (Czech National Bank) on the identification of seven other systemically important institutions (O-SIIs).
15/12/2015
Notification by Bank of England on the identification of four global systemically important institutions (G-SIIs).
14/12/2015
Notification by Banca d’Italia on the identification of one global systemically important institution (G-SII).
14/12/2015
Notification by Banca d’Italia on three other systemically important institutions (O-SIIs).
Template
08/12/2015
Notification by the Central Bank of Ireland that Ireland’s countercyclical capital buffer rate has been set at 0%.
03/12/2015
Notification by Bank of Greece on four other systemically important institutions (O-SIIs).
02/12/2015
Notification by Commission de Surveillance du Secteur Financier of Luxembourg on the countercyclical capital buffer and the capital conservation buffer.
Letter
Regulation CSSF 15-04
Regulation CSSF 15-05 SME
02/12/2015
Notification by Eesti Pank on the identification of two other systemically important institutions (O-SIIs).
02/12/2015
Notification by Eesti Pank that Estonia’s countercyclical capital buffer rate has been set at 0%.
30/11/2015
Notification by Commission de Surveillance du Secteur Financier of Luxembourg on six other systemically important institutions (O-SIIs).
30/11/2015
Notification by the Autorité de Contrôle Prudentiel et de Résolution (the Prudential Supervisory and Resolution Authority of France) on six other systemically important institutions (O-SIIs).
BNPP
BPCE
GCA
GCM
LBP
SG
30/11/2015
Notification by the Central Bank of Malta and the Malta Financial Services Authority on three other systemically important institutions (O-SIIs).
27/11/2015
Notification by Banca Naţională a României (National Bank of Romania) on nine other systemically important institutions (O-SIIs).
26/11/2015
Notification by De Nederlandsche Bank (the central bank of the Netherlands) on the identification of five other systemically important institutions (O-SIIs).
25/11/2015
Notification by Lietuvos Bankas (Bank of Lithuania) on four other systemically important institutions (O-SIIs).
18/11/2015
Notification by the Austrian Financial Market Authority on the intended use of the systemic risk buffer.
Letter
Template
10/11/2015
Notification by Banco de España on the identification of global systemically important institutions (G-SIIs).
09/11/2015
Notification by the Central Bank of Ireland on two other systemically important institutions (O-SIIs).
Letter
Template
29/10/2015
Notification by the Financial and Capital Market Commission of Latvia that the countercyclical capital buffer rate of 0% will continue to apply.
29/10/2015
Notification by Magyar Nemzeti Bank (the central bank of Hungary) on nine other systemically important institutions (O-SIIs).
ESRB Template
26/10/2015
Notification by the National Bank of Belgium on the identification of eight other systemically important institutions (O-SIIs) and the imposition of additional capital requirements for these institutions.
ABE
Argenta
Belfius
BNPP Fortis
BNYM
Euroclear Bank
KBC
ING
20/10/2015
Notification by the Danish Ministry of Business and Growth on the yearly setting of the systemic risk buffer
14/10/2015
Notification by Finansinspektionen of Sweden on the identification of four other systemically important institutions (O-SIIs) and the imposition of additional capital requirements for these institutions.
12/10/2015
Notification by Magyar Nemzeti Bank (the central bank of Hungary) on the intended use of the systemic risk buffer.
05/10/2015
Notification by FIN-FSA (the Finnish Financial Supervisory Authority) of its decision not to impose a countercyclical capital buffer requirement or introduce other macroprudential instruments
30/09/2015
Notification by Hrvatska narodna banka (Croatian National Bank) on the application of the countercyclical capital buffer rate of 0% in the fourth quarter of 2016
30/09/2015
Notification by the Bank of England that the United Kingdom’s countercyclical capital buffer rate has been set at 0%
30/09/2015
Notification by the Ministry of Business and Growth of Denmark on the maintenance of a countercyclical capital buffer rate of 0%
25/09/2015
Notification by Lietuvos bankas (Bank of Lithuania) on the maintenance of the countercyclical capital buffer rate of 0% (applicable from 30 September 2015)
18/09/2015
Notification by Česká národní banka (Czech National Bank) on the setting of the countercyclical capital buffer rate at 0% (applicable from 1 October 2016)
14/09/2015
Notification by Banco de Portugal of the intended implementation of a 2.5% capital conservation buffer (applicable from 1 January 2016)
08/09/2015
Notification by Finansinspektionen of Sweden on the decision not to amend regulations regarding the countercyclical capital buffer rate: hence, the rate of 1.5% shall continue to apply
31/08/2015
Notification by the Financial and Capital Market Commission of Latvia that the countercyclical capital buffer rate shall be set at 0% (applicable from 1 August 2016) and related annex
Annex
17/08/2015
Notification by Lietuvos bankas (Bank of Lithuania) of its decision not to impose transitional provisions for the countercyclical capital buffer and to recognise the buffer rates set by other Member States
17/07/2015
Notification by the Croatian Financial Services Supervisory Agency on the exemption of small and medium-sized investment firms from the requirements to maintain a capital conservation buffer
17/07/2015
Notification by the Croatian Financial Services Supervisory Agency on the exemption of small and medium-sized investment firms from the requirements to maintain a countercyclical capital buffer
13/07/2015
Decision by Finansinspektionen of Sweden on the recognition of the countercyclical buffer rates of other Member States
10/07/2015
Notification by Magyar Nemzeti Bank (the central bank of Hungary) on the increase of the required minimum level of the liquidity coverage ratio
06/07/2015
Notification by FIN-FSA (the Finnish Financial Supervisory Authority) on the identification of four other systemically important institutions (O-SIIs) and the imposition of additional capital requirements for these institutions
06/07/2015
Notification by the Bank of England that the countercyclical capital buffer rate has been set at 0% and that the corresponding rates for Sweden and Norway will be reciprocated
30/06/2015
Notification by FIN-FSA (the Finnish Financial Supervisory Authority) of its decision not to impose a countercyclical capital buffer requirement and introduce other macroprudential instruments
30/06/2015
Notification by Hrvatska narodna banka (Croatian National Bank) on the continued application of the countercyclical capital buffer rate of 0% in the third quarter of 2016
30/06/2015
Notification by Lietuvos bankas (Bank of Lithuania) on the setting of a 0% countercyclical capital buffer rate
23/06/2015
Notification by Finansinspektionen of Sweden on (1) the increase of the country’s countercyclical capital buffer rate to 1.5% (applicable from 27 June 2016), and (2) amendments to regulations regarding the countercyclical capital buffer rate
23/06/2015
Notification by Finansinspektionen of Sweden on the identification of a global systemically important institution (G-SII)
16/06/2015
Notification by Česká národní banka (Czech National Bank) that the countercyclical capital buffer rate of 0% will continue to apply, together with a recommendation on the management of risks associated with the provision of retail loans secured by residential property
Recommendation on the management of risks associated with the provision of retail loans secured by residential property
04/06/2015
Notification by Národná banka Slovenska (National Bank of Slovakia) on the identification of five other systemically important institutions (O-SIIs) and the intended use of the systemic risk buffer and the O-SII buffer in respect of the said institutions, and related documents
Template for notifying of the intended use of a systemic risk buffer (SRB)
Template for notifying of the intended use of an O-SII buffer
18/05/2015
Notification by Národná banka Slovenska (National Bank of Slovakia) that the countercyclical capital buffer rate has been set at 0%
13/05/2015
Notification by the Banca d’Italia (Bank of Italy) on the early introduction of the capital conservation buffer and the exemption of small and medium-sized investment firms from the application of the capital conservation buffer
05/05/2015
Notification by the Bundesanstalt für Finanzdienstleistungsaufsicht of Germany (BaFin) on the identification of global systemically important institutions (G-SIIs)
30/04/2015
Notification by the Financial and Capital Market Commission of Latvia that the countercyclical capital buffer rate of 0% will continue to apply
29/04/2015
Notification by Národná banka Slovenska (National Bank of Slovakia) on the exemption of small and medium-sized investment firms from the requirement to maintain a capital conservation buffer and an institution-specific countercyclical capital buffer, and of the recognition of shorter transitional periods for the countercyclical capital buffer imposed by other Member States
SK Notification according to Art129CRD
SK Notification according to Art160CRD
SK Notification according to Art130CRD
24/04/2015
Notification by Lietuvos bankas (Bank of Lithuania) of the exemption of small and medium-sized investment firms from the requirement to maintain an institution-specific countercyclical capital buffer
23/04/2015
Notification by Lietuvos bankas (Bank of Lithuania) of the introduction of the capital conservation buffer and the countercyclical capital buffer without any transitional period
14/04/2015
Notification by Magyar Nemzeti Bank (the central bank of Hungary) of planned measures aimed at regulating the currency and maturity mismatches in the balance sheets of credit institutions
08/04/2015
Notification by the Bank of England that the countercyclical capital buffer rate has been set at 0%, and that the countercyclical capital buffer rate set by the Hong Kong Monetary Authority will be reciprocated in 2016
07/04/2015
Notification by the Ministry of Business and Growth of Denmark that the countercyclical capital buffer rate of 0% shall continue to apply
31/03/2015
Notification by Hrvatska narodna banka (Croatian National Bank) that the countercyclical capital buffer rate of 0% shall continue to apply
27/03/2015
Notification by FIN-FSA (the Finnish Financial Supervisory Authority) that it will not impose a countercyclical capital buffer and will not adopt other macroprudential instruments
27/03/2015
Notification by Magyar Nemzeti Bank (the central bank of Hungary) of a planned macroprudential measure aimed at regulating the forint maturity mismatch of credit institutions incorporated in Hungary
24/03/2015
Notification by Česká národní banka (Czech National Bank) that the countercyclical capital buffer rate of 0% shall continue to apply
20/03/2015
Notifications by the Ministry of Business and Growth of Denmark related to the exemption of small and medium-sized investment firms from the requirements to maintain a capital conservation buffer and a countercyclical capital buffer
Download
03/03/2015
Notification by Národná Banka Slovenska (National Bank of Slovakia) on the setting of the countercyclical capital buffer rate for Slovakia at 0%
02/03/2015
Notification by the Autorité de Contrôle Prudentiel et de Résolution (the Prudential Supervisory and Resolution Authority of France) on the identification of global systemically important institutions (G-SIIs)
02/03/2015
Notification by the Banca d’Italia (Bank of Italy) on the identification of global systemically important institutions (G-SIIs)
27/02/2015
Notification by the Prudential Regulation Authority of the United Kingdom on the identification of global systemically important institutions (G-SIIs)
20/02/2015
Notification by De Nederlandsche Bank (the central bank of the Netherlands) on the identification of global systemically important institutions (G-SIIs)
06/02/2015
Notification by Česká národní banka (Czech National Bank) that the countercyclical capital buffer rate of 0% shall continue to apply
04/02/2015
Notification by the Financial and Capital Market Commission of Latvia on the setting of the countercyclical capital buffer rate at 0%
20/01/2015
Notification by the Ministry of Business and Growth of Denmark on the early introduction of the countercyclical capital buffer and the setting of the countercyclical capital buffer rate at 0%
15/01/2015
Notification by Hrvatska narodna banka (Croatian National Bank) on the setting of the countercyclical capital buffer rate at 0%
07/01/2015
Notification by De Nederlandsche Bank (the central bank of the Netherlands) on the reciprocation regarding a stricter macroprudential measure applied by Belgium for certain residential mortgage lending
17/12/2014
Notification by the Bank of England that the United Kingdom’s countercyclical capital buffer rate has been set at 0%
10/12/2014
Notification by Finansinspektionen of Sweden that the countercyclical capital buffer rate of 1% shall continue to apply
08/12/2014
Notifications by the Financial Conduct Authority of the United Kingdom on the exemption of small and medium-sized investment firms from the requirements to maintain a capital conservation buffer and a countercyclical capital buffer
Capital conservation buffer exemption notification
Countercyclical capital buffer exemption notification
11/11/2014
Notification by Bulgarian National Bank on the introduction of the capital conservation buffer and the systemic risk buffer and related annex
Annex
07/11/2014
Notification by Národná Banka Slovenska (National Bank of Slovakia) on the early introduction of the capital conservation buffer and the countercyclical capital buffer, in addition to the setting of the countercyclical capital buffer rate for Slovakia at 0%
06/11/2014
Notifications by Finansinspektionen of Sweden on a) the introduction of the capital conservation buffer and the countercyclical capital buffer with a shorter transitional period; b) the exemption of small and medium-sized investment firms from the requirement to maintain an institution-specific countercyclical capital buffer; and c) the intended use of the systemic risk buffer
Article 160.6
Article 130
Article 133.11
28/10/2014
Notification by the Bank of England that the United Kingdom’s countercyclical capital buffer rate has been set at 0% and that the country has recognised the 1% countercyclical capital buffer rates set by the Norwegian and Swedish authorities
24/10/2014
Notification by the Danish Ministry of Business and Growth on the intended use of the systemic risk buffer
30/09/2014
Notification by Česká národní banka (Czech National Bank) on the intended use of the systemic risk buffer
12/09/2014
Notification by Česká národní banka (Czech National Bank) that the countercyclical capital buffer rate for the Czech Republic has been set at 0% (to apply from 1 October 2015)
10/09/2014
Notification by Finansinspektionen of Sweden that the countercyclical capital buffer rate for Sweden has been set at 1% (to apply from 13 September 2015)
31/07/2014
Notification by Česká národní banka (Czech National Bank) of the introduction of the capital conservation buffer and the countercyclical capital buffer without any transitional period
15/07/2014
Notification by Hrvatska narodna banka (Croatian National Bank) of the use of shorter transitional periods for the capital conservation buffer and the countercyclical capital buffer
26/06/2014
Notification by the Bank of England that the United Kingdom’s countercyclical capital buffer rate has been set at 0%
25/06/2014
Notification by Finanstilsynet of Denmark on the identification of six other systemically important institutions (O-SIIs) and the respective sub-category to which each O-SII is allocated
25/06/2014
Notification by the Financial and Capital Market Commission of Latvia of the introduction of the capital conservation buffer from 28 May 2014, without any transitional period
21/05/2014
Notification of the intention to implement a systemic risk buffer by Eesti Pank of Estonia
Letter
Cover Letter
SRB
29/04/2014
Notification of the intention to implement a macroprudential measure by De Nederlandsche Bank (the central bank of the Netherlands)
22/04/2014
Notification of planned regulatory changes for macroprudential purposes by Banka Slovenije (Bank of Slovenia)
16/04/2014
Notification on the intended use of a systemic risk buffer by Hrvatska narodna banka (Croatian National Bank)
01/04/2014
Notification by Belgium on a stricter measure based on Article 458 of the CRR.

National policy

20 June 2016ACCOUNTABILITY

Hearing at European Parliament on 21 June

Mario Draghi, in his capacity as Chair of the European Systemic Risk Board, speaks before the European Parliament’s Committee on Economic and Monetary Affairs and answers questions from its Members.

The hearing starts at 17:00 CET.

PUBLICATION

Macroprudential policy review

The Review of Macroprudential Policy in the EU in 2015 gives an overview of the most important macroprudential policy developments in the EU Member States. It also makes a number of cross-country comparisons on the use of macroprudential instruments.

Multimedia

  • Report of the ASC 6: Transition to a low-carbon economy and systemic risk - cover image

    Report of the ASC 6: Transition to a low-carbon economy and systemic risk

  • A Review of Macroprudential Policy  in the EU in 2015 - cover image

    A Review of Macroprudential Policy in the EU in 2015

  • ESRB report on commercial real estate and financial stability in the EU - cover image

    ESRB report on commercial real estate and financial stability in the EU

  • ESRB report on residential real estate and financial stability in the EU - cover image

    ESRB report on residential real estate and financial stability in the EU