Warnings

Warning on vulnerabilities in the EU financial system

On 22 September 2022 the ESRB adopted a general warning on vulnerabilities in the financial system, addressed to the European Union and the national supervisory community. The likelihood of tail risk scenarios materialising has significantly increased since the start of 2022. Recent geopolitical developments have exacerbated the situation. The ESRB warning calls for heightened awareness of the risks to financial stability. It emphasises the need for greater resilience in the EU financial sector so that the financial system can support the economy if these risks materialise.

Warnings on medium-term vulnerabilities in the residential real estate sector

On 2 December 2021 the ESRB adopted warnings for five Member States on medium-term vulnerabilities in the residential real estate sector. The Member States were given a period of time to respond to the warnings. Responses received and additional documents were then published on 11 February 2022. Country-specific vulnerability assessments are available in the ESRB’s report on vulnerabilities in the residential real estate sectors of the EEA countries.

• Press release
• Vulnerabilities in the residential real estate sectors of the EEA countries report
• Compliance report of Country-specific Recommendations of the European Systemic Risk Board of 27 June 2019 - part II February 2022
• Recommendation of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector in Germany (ESRB/2021/10)
• Recommendation of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector in Austria (ESRB/2021/11)

Warnings on medium-term vulnerabilities in the residential real estate sector

On 27 June 2019 the ESRB adopted warnings for five Member States on medium-term vulnerabilities in the residential real estate sector. The Member States were given a period of time to respond, and the warnings, responses received and additional documents were then published on 23 September 2019. The country-specific vulnerability assessments are available in the ESRB Report on vulnerabilities in the residential real estate sectors of the EEA countries.

• Press release
• Follow-up report on countries that received ESRB warnings in 2016 on medium-term vulnerabilities in the residential real estate sector
• Methodologies for the assessment of real estate vulnerabilities and macroprudential policies: residential real estate
• Vulnerabilities in the residential real estate sectors of the EEA countries

Warnings on medium-term vulnerabilities in the residential real estate sector

On 22 September 2016 the ESRB adopted warnings for eight Member States on medium-term vulnerabilities in the residential real estate sector. The Member States were given a period of time to respond, and the warnings, responses received and additional documents were then published on 28 November 2016. The country-specific vulnerability assessments are available in the ESRB report on vulnerabilities in the EU residential real estate sector.

• ESRB report on vulnerabilities in the EU residential real estate sector
• Press release
• Questions and answers
• Follow-up report on countries that received ESRB warnings in 2016 on mediumterm vulnerabilities in the residential real estate sector