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Responses & Letters

The ESRB may be consulted or requested to provide advice from a macroprudential perspective on selected topics. The ESRB’s response can be issued on the basis of EU legislation or, at the request of an EU institution, on issues with potential implications for financial stability.

23 April 2024

ESRB advice to EIOPA on the prudential treatment of environmental and social risks

17 April 2024

ESRB response to the consultative report by the BCBS, CPMI and IOSCO on transparency and responsiveness of initial margin in centrally cleared markets

6 March 2024

ESRB Secretariat's response to the consultation on draft ITS specifying certain tasks of collection bodies and certain functionalities of the European single access point (ESAP)

5 October 2023

ESRB Letter to the European Parliament - background information on the proposal to introduce an active account requirement

5 October 2023

ESRB Letter to the European Commission - background information on the proposal to introduce an active account requirement

5 October 2023

ESRB Letter to the Council of the European Union - background information on the proposal to introduce an active account requirement

2 October 2023

ESRB response to ESMA’s final report on extending emergency measures on CCP collateral requirements

28 September 2023

ESRB response on the request for information for post-implementation Review of IFRS 9 Financial Instruments – Impairment

27 September 2023

ESRB advice on the prudential treatment of environmental and social risks

17 May 2023

ESRB response to ESMA’s Final Report on Emergency measures on collateral requirements, including draft RTS amending Commission Delegated Regulation (RTS) 153/2013

30 March 2023

Letter from ECB President and ESRB Chair to Ms Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and Capital Markets Union, on stress testing

20 March 2023

Letter to Members of the European Parliament on EMIR review

20 March 2023

Letter to the Council Working Party on EMIR review

16 November 2022

Letter to the Council Working Party on the Solvency II Review and Liquidity Risk Management

16 November 2022

Letter to Members of the European Parliament on the Solvency II Review and Liquidity Risk Management

19 July 2022

Letter on ESRB view on the targeted EMIR review with respect to central clearing in the EU

13 July 2022

Letter on ESRB view regarding data quality issues and risks for financial stability

1 April 2022

ESRB Secretariat’s response to ESMA’s consultation on APC measures for CCPs

1 April 2022

ESRB response letter to the European Commission consultation on the review of the mortgage credit directive

31 March 2022

Review of the EU Macroprudential Framework for the Banking Sector - Response to the call for advice

23 March 2022

Letter to the European Parliament on the AIFMD Review

23 March 2022

Letter to the Council Working Party on the AIFMD Review

23 March 2022

ESRB Response letter to the European Commission targeted consultation on the review of the central clearing framework in the EU

2 February 2022

Letter to Members of the European Parliament on the Solvency II Review

2 February 2022

Letter to the Council Working Party on the Solvency II Review

20 January 2022

ESRB response to ESMA's consultation on determining the degree of systemic importance of LCH Ltd and ICE Clear Europe or some of their clearing services

29 January 2021

ESRB response to the European Commission consultation on the review of AIFMD

19 October 2020

Response letter to a consultation of the European Commission on the review of Solvency II

1 October 2020

Letter to European Commission and ESMA on procyclical impact of downgrades of corporate bonds on markets and entities across the financial system

1 October 2020: References to external ratings or credit rating agencies in EU law
English
23 March 2021: ESMA response letter
English

12 August 2020

ESRB Secretariat staff’s response to ESMA’s consultation paper on technical standards on reporting, data quality, data access and registration of trade repositories under EMIR Refit

25 June 2020

ESRB opinion on ESMA report on Central Clearing Solutions for Pension Scheme Arrangements

25 June 2020

ESRB opinion on ESMA report on post trade risk reduction services with regards to the clearing obligation

8 June 2020

ESRB letter to EIOPA on Liquidity risks in the insurance sector

14 May 2020

ESRB letter to Governments on the financial stability impact of the national guarantee schemes and other fiscal measures

5 February 2020

Letter from the ESRB to the European Commission on shortcomings of the AIFMD framework

17 January 2020

ESRB response to the EIOPA Consultation Paper on the 2020 review of Solvency II

11 April 2019

ESRB Secretariat staff response to Insurance Europe’s position paper on the ESRB report on macroprudential measures in insurance

14 March 2018

ESRB Secretariat staff response to the European Commission’s consultation document “Fitness check on supervisory reporting”

28 February 2018

ESRB response to the ESMA consultation on draft guidelines on anti-procyclicality margin measures for CCPs

27 February 2018

Opinion to the European Commission on structural macroprudential buffers

25 July 2017

Opinion on a central counterparty recovery and resolution framework

6 March 2017

ESRB Secretariat staff response to to the EIOPA Discussion Paper on the potential harmonisation of recovery and resolution frameworks for insurers

24 October 2016

ESRB response to the European Commission’s Consultation Document on the Review of the EU Macro-prudential Policy Framework

24 October 2016: European Commission - Summary of responses to the Consultation Document
English

4 October 2016

ESRB opinion to ESMA on securities financing transactions and leverage under Article 29 of the SFTR

5 September 2016

ESRB response to the ESMA Consultation Paper on the clearing obligation for financial counterparties with a limited volume of activity

13 May 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

10 February 2016

The ESRB response to ESMA on the temporary exclusion of exchange-traded derivatives from Articles 35 and 36 of MiFIR

18 January 2016

ESRB publishes a report on systemic risk implications of CCP interoperability arrangements.

6 January 2016

Letter from Stefan Ingves, ATC Chair, to Andrea Enria, EBA Chair, on the consultation regarding the net stable funding ratio.

29 July 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)

29 July 2015

ESRB report on issues to be considered in the EMIR revision other than the efficiency of margining requirements

13 July 2015

ESRB response to ESMA Consultation Paper No. 4 on the clearing obligation for other OTC interest rate derivatives

1 July 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

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6 January 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

6 November 2014

ESRB response to the ESMA consultation paper on mandatory central clearing for foreign-exchange non-deliverable forward OTC derivatives

25 September 2014

ESRB response to the ESMA consultation paper on mandatory central clearing for OTC credit derivatives

20 August 2014

ESRB response to the ESMA consultation paper on mandatory central clearing for OTC interest rate derivatives

30 April 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

30 April 2014: Call for advice
English

20 March 2014

Response from the ESRB to the EBA consultation paper on draft guidelines on disclosure of encumbered and unencumbered assets

20 March 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

8 July 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)

8 July 2013: High-Level Group Report
English

1 July 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 June 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 June 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 December 2012

ESRB response to the European Commission consultation on a possible recovery and resolution framework for financial institutions other than banks

19 November 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 August 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)

OTHER LANGUAGES (21) +

29 August 2012: Macro-prudential stance
English

29 August 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)

OTHER LANGUAGES (21) +

29 August 2012: Macro-prudential stance
English

1 June 2012

The ESRB’s reply to the European Commission's Green Paper on shadow banking

2 April 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 March 2012

ESRB response to the EBA consultation paper on draft implementing technical standards on large exposures (CP 51)

28 March 2012

ESRB response to the EBA consultation paper on draft implementing technical standards on supervisory reporting requirements for institutions (CP 50)

15 March 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

9 December 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

9 December 2011: Related document
English

21 September 2011

ESRB response to the ESMA discussion paper on policy orientations and guidelines for UCITS exchange-traded funds and structured UCITS

21 September 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

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