17/07/2017
ESRB publishes a report on the financial stability implications of IFRS 9
11/07/2017
ESRB publishes a report on resolving non-performing loans in Europe
29/06/2017
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board (ESRB) held its 26th regular meeting on 22 June 2017.
29/05/2017
Mario Draghi: Hearing before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement of Mario Draghi, Chair of the ESRB, Brussels, 29 May 2017
29/05/2017
ESRB publishes second EU Shadow Banking Monitor
30/03/2017
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board (ESRB) held its 25th regular meeting on 23 March 2017.
11/01/2017
Report on cyclicality of capital requirements
22/12/2016
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board (ESRB) held its 24th regular meeting on 15 December 2016.
28/11/2016
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, 28 November 2016
28/11/2016
The ESRB publishes a report on the macroprudential policy issues arising from low interest rates and structural changes in the EU financial system
28/11/2016
The ESRB issues eight Warnings on medium-term residential real estate vulnerabilities and a Recommendation on closing real estate data gaps
29/09/2016
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board (ESRB) held its 23rd regular meeting on 22 September 2016.
28/09/2016
Award of the "Ieke van den Burg Prize for Research on Systemic Risk" (2016): final results
26/09/2016
Second ESRB shadow banking workshop
22/09/2016
Mario Draghi: Welcome address
Speech by Mario Draghi, President of the ECB and Chair of the European Systemic Risk Board, at the first annual conference of the ESRB, Frankfurt am Main, 22 September 2016
08/08/2016
ESRB recommends EU-wide reciprocation of Estonia's 1% systemic risk buffer rate
27/07/2016
ESRB publishes first EU Shadow Banking Monitor and accompanying methodological paper
19/07/2016
ESRB publishes its strategy paper on macroprudential policy beyond banking
30/06/2016
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board (ESRB) held its 22nd regular meeting on 23 June 2016.
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
04/01/2016
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board (ESRB) held its 20th regular meeting on 17 December 2015.
16/12/2015
ESRB publishes report on systemic risks in the EU insurance sector
07/12/2015
Mark Carney: Hearing before the Committee on Economic and Monetary Affairs of the European Parliament
Opening statement by Mark Carney in his capacity as First Vice Chair of the ESRB Brussels, 7 December 2015
12/11/2015
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, 12 November 2015
24/09/2015
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board (ESRB) held its 19th regular meeting on 17 September 2015
21/08/2015
2015 RiskLab/BoF/ESRB Conference on Systemic Risk Analytics
25/06/2015
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board (ESRB) held its 18th regular meeting on 18 June 2015.
29/05/2015
Award of the "Ieke van den Burg Prize for Research on Systemic Risk": final results
26/03/2015
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board (ESRB) held its 17th regular meeting on 19 March 2015
23/03/2015
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, 23 March 2015
10/03/2015
ESRB publishes report on regulatory treatment of sovereign exposures
23/12/2014
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board (ESRB) held its 16th regular meeting on 18 December 2014
17/11/2014
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, 17 November 2014
25/09/2014
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board (ESRB) held its 15th regular meeting on 18 September 2014
30/06/2014
ESRB publishes recommendation on guidance for setting countercyclical buffer rates
25/06/2014
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board (ESRB) held its 14th regular meeting on 18 June 2014
30/04/2014
Adverse stress test scenarios for EU-wide stress test of banks and insurance firms
31/03/2014
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board held its 13th regular meeting on 20 March
03/03/2014
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, 3 March 2014
28/01/2014
ESRB General Board meeting in Frankfurt
The General Board of the European Systemic Risk Board held its 12th regular meeting on 22 January
23/09/2013
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, 23 September 2013
19/09/2013
Bank of England Governor Mark Carney elected as First Vice-Chair of European Systemic Risk Board
08/07/2013
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, 8 July 2013
21/03/2013
ESRB General Board meeting in Frankfurt
Strengthening the EU's financial system is needed for a sustainable recovery
18/02/2013
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, 18 February 2013
20/12/2012
ESRB General Board meeting in Frankfurt
20/11/2012
Francesco Mazzaferro: Panel discussion on supervisory monitoring of macro-prudential risks
Introductory remarks by Francesco Mazzaferro, Head of the ESRB Secretariat, at the Risk Management Conference, 15th Euro Finance Week, Frankfurt am Main, 20 November 2012
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09/10/2012
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, 9 October 2012
20/09/2012
ESRB General Board meeting in Frankfurt
04/09/2012
Rotation of the chairmanship of the Advisory Scientific Committee
21/06/2012
ESRB General Board meeting in Frankfurt
31/05/2012
Mario Draghi: Hearing on the ESRB before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, Chair of the ESRB Brussels, 31 May 2012
02/04/2012
Principles for macro-prudential policies in EU legislation on the banking sector
22/03/2012
Meeting of the European Systemic Risk Board
16/01/2012
Mario Draghi: Hearing on the ESRB before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Mario Draghi, Chair of the ESRB Brussels, 16 January 2012
16/01/2012
ESRB publishes recommendation on the macro-prudential mandate of national authorities
16/01/2012
ESRB publishes recommendation on funding of banks in US dollar
16/01/2012
ESRB publishes recommendation on funding of banks in US dollar
22/12/2011
Andrea Enria: Introductory statement to the press conference
Mervyn King, Vice Chair of the ESRB and Andrea Enria, Vice Chair of the ESRB, Frankfurt am Main, 22 December 2011
11/10/2011
Jean-Claude Trichet: Hearing on the ESRB before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jean-Claude Trichet, Chair of the ESRB Brussels, 11 October 2011
11/10/2011
European Systemic Risk Board publishes recommendations on lending in foreign currencies
21/09/2011
European Systemic Risk Board Meeting
02/05/2011
Mervyn King: Hearing on the ESRB before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory Statement by Mervyn King, 1st Vice Chair of the ESRB, Brussels, 02 May 2011
02/05/2011
Andrea Enria: Hearing on the ESRB before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory Statement by Andrea Enria, 2nd Vice Chair of the ESRB, Brussels, 02 May 2011
18/03/2011
European Systemic Risk Board Meeting
17/02/2011
Jean-Claude Trichet: The conditions for efficient global and regional macro-supervision - Key success factors in international cooperation
Speech by Jean-Claude Trichet, President of the ECB, at the Eurofi G20 High Level Seminar, Paris, 17 February 2011
07/02/2011
Jean-Claude Trichet: Hearing on the ESRB before the Committee on Economic and Monetary Affairs of the European Parliament
Introductory statement by Jean-Claude Trichet, Chair of the ESRB, Brussels, 07 February 2011
20/01/2011
European Systemic Risk Board holds inaugural meeting
16/12/2010
European Systemic Risk Board established

All press releases

No. 53
1 August 2017
Working paper no. 53: Two Big Distortions: Bank Incentives for Debt Financing, by Jesse Groenewegen, Peter Wierts

Abstract

JEL Classification

G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages

G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill

H25 : Public Economics→Taxation, Subsidies, and Revenue→Business Taxes and Subsidies

Abstract

Systemically important banks are subject to at least two departures from the neutrality of debt versus equity financing: the tax deductibility of interest payments and implicit funding subsidies. This paper fills a gap in the literature by comparing their mechanism and interaction within a common analytical framework. Findings indicate that both the tax shield and implicit funding subsidy remain large, in the order of up to 1 percent of GDP, despite decreases in recent years. But the underlying mechanisms differ. The tax shield incentivises debt financing as it reduces tax payments to the government. The implicit funding subsidy incentivises debt financing as it lowers private bankruptcy costs. This funding subsidy is passed on to other bank stakeholders. It therefore provides incentives for increases in balance sheet size and risk taking. This, in turn, increases the value of the tax shield. Overall, these results help to explain why systemically important banks are highly leveraged.

No. 13
31 July 2017
Occasional paper no. 13: A new database for financial crises in European countries

Abstract

JEL Classification

G01 : Financial Economics→General→Financial Crises

E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy

E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies

E60 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→General

H12 : Public Economics→Structure and Scope of Government→Crisis Management

Abstract

This paper presents a new database for financial crises in European countries, which serves as an important step towards establishing a common ground for macroprudential oversight and policymaking in the EU. The database focuses on providing precise chronological definitions of crisis periods to support the calibration of models in macroprudential analysis. An important contribution of this work is the identification of financial crises by combining a quantitative approach based on a financial stress index with expert judgement from national and European authorities. Key innovations of this database are (i) the inclusion of qualitative information about events and policy responses, (ii) the introduction of a broad set of non-exclusive categories to classify events, and (iii) a distinction between event and post-event adjustment periods. The paper explains the two-step approach for identifying crises and other key choices in the construction of the dataset. Moreover, stylised facts about the systemic crises in the dataset are presented together with estimations of output losses and fiscal costs associated with these crises. A preliminary assessment of the performance of standard early warning indicators based on the new crises dataset confirms findings in the literature that multivariate models can improve compared to univariate signalling models.

28 July 2017
ESRB Annual Report 2016
No. 12
17 July 2017
Occasional paper no. 12: Assessing the cyclical implications of IFRS 9 – a recursive model, by Jorge Abad, Javier Suarez
17 July 2017
Financial stability implications of IFRS 9

All publications

25 July 2017
Opinion on a central counterparty recovery and resolution framework
29 June 2017
Opinion of the European Systemic Risk Board of 13 March 2017 regarding Belgian notification of a stricter national measure based on Article 458 of the CRR (ESRB/2017/1) and related report
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18 May 2017
Adverse scenario for EIOPA 2017 EU-wide stress test of pension funds

Details

The ESRB has today published the adverse scenario for the EU-wide stress tests for pension funds to be carried out by EIOPA in 2017. 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 EIOPA as part of its communication on the 2017 EU-wide stress tests.

6 March 2017
ESRB Secretariat staff response to to the EIOPA Discussion Paper on the potential harmonisation of recovery and resolution frameworks for insurers
3 February 2017
Adverse scenario for the ESMA EU-wide central counterparty stress test in 2017

Details

The ESRB has today published the adverse scenario for the EU-wide central counterparty stress tests carried out by the ESMA in 2017. This scenario, which has been approved by the General Board of the ESRB, highlights adverse conditions that are relevant to this sector.

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15 August 2017CONFERENCE

Second ESRB annual conference

The ESRB is holding its second high-level annual conference on 21 and 22 September in Frankfurt. The conference covers banking and topics beyond banking that are relevant for macroprudential policy.

Parts of the conference will be webcast live.

NATIONAL POLICY

Interactive map on countercyclical capital buffers

The countercyclical capital buffer (CCyB) is a macroprudential instrument that aims to counter pro-cyclicality in the financial system. The interactive map shows the CCyB rates currently applicable in Europe and is updated once a month.

Multimedia

  • ESRB Report, Financial stability implications of IFRS 9 - cover image

    ESRB Report, Financial stability implications of IFRS 9

  • EU Shadow Banking Monitor - cover image

    EU Shadow Banking Monitor

  • A Review of Macroprudential Policy in the EU in 2016 - cover image

    A Review of Macroprudential Policy in the EU in 2016

  • The macroprudential use of margins and haircuts - cover image

    The macroprudential use of margins and haircuts