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    Macroprudential policy issues report

    The ESRB has published its second report on macroprudential policy issues arising from the low interest-rate environment in the European financial system.

Measures taken in response to coronavirus (COVID-19) pandemic
28 April 2021 PUBLICATION

Corporate insolvencies and coronavirus

What do we need to prevent a large wave of corporate insolvencies triggered by the coronavirus pandemic? The policy mix needs to evolve towards more targeted solvency support to viable businesses. Successful debt restructuring will also be key.

6 April 2021 PRESS RELEASE

41st meeting of ESRB General Board

The General Board of the European Systemic Risk Board held its 41st regular meeting on 25 March 2021. On the agenda were the main risks to financial stability in the European Union, including rising pressures on the solvency of non-financial corporations.

7 June 2021
Adverse scenario for the ESMA 2021 EU-wide central counterparty stress test
7 May 2021
Adverse scenario for the EIOPA 2021 EU-wide insurance sector stress test
22 March 2021
Opinion of the European Systemic Risk Board of 18 February 2021 regarding the Belgian notification of an extension of the period of application of a stricter national measure based on Article 458 of the CRR (ESRB/2021/1)
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Report
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29 January 2021
Macro-financial scenario for the 2021 EU-wide banking sector stress test
29 January 2021
ESRB response to the European Commission consultation on the review of AIFMD
13 January 2021
Adverse scenario for the ESMA money market fund stress-testing guidelines in 2020

Details

The ESRB has today published the adverse scenario as input into ESMA’s updated stress testing guidelines for managers of money market funds under Article 28 of the MMF Regulation. The scenario, which was approved by the General Board of the ESRB during its meeting on 24 September 2020 highlights adverse conditions that are relevant to this sector.

18 December 2020
Recommendation of the European Systemic Risk Board of 15 December 2020 amending Recommendation ESRB/2020/07 on restriction of distributions during the COVID-19 pandemic (ESRB/2020/15)
8 December 2020
Recommendation of the European Systemic Risk Board regarding Norwegian notification of its intention to set a systemic risk buffer rate in accordance with Article 133 of Directive (EU) 2013/36/EU (ESRB/2020/14)
30 November 2020
Recommendation of the European Systemic Risk Board on identifying legal entities (ESRB/2020/12)
17 November 2020
Opinion of the European Systemic Risk Board of 14 October 2020 regarding the Swedish notification of an extension of the period of application of a stricter national measure based on Article 458 of the CRR (ESRB/2020/13)
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Report
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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
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
14 July 2020
Opinion of the European Systemic Risk Board of 19 May 2020 regarding the French notification of an extension of the period of application of a stricter national measure ESRB/2020/5
English
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Report
English
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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
22 June 2020
Decision ESRB/2020/10 on the cancellation of certain reports on actions and measures taken pursuant to Recommendation ESRB/2014/1 and Recommendation ESRB/2015/2
8 June 2020
ESRB letter to EIOPA on Liquidity risks in the insurance sector
8 June 2020
Recommendation of the European Systemic Risk Board on monitoring the financial stability implications of debt moratoria, and public guarantee schemes and other measures of a fiscal nature taken to protect the real economy in response to the COVID-19 pandemic (ESRB/2020/8)
8 June 2020
Recommendation of the European Systemic Risk Board on restriction of distributions during COVID-19 pandemic (ESRB/2020/7)

All publications

7 June 2021
Notification by Central Bank of Cyprus on LTV
7 June 2021
Notification by National Committee for Macroprudential Oversight (NCMO) Romania on recalibration of SyRB
7 June 2021
Notification by Danish Financial Supervisory Authority (Finanstilsynet) on seven other systemically important institutions (O-SII)
29 March 2021
Notification by Bank of Slovenia on six other systemically important institutions (O-SIIs)
29 March 2021
Notification by Poland's Minister of Finance on Article 124 CRR
22 February 2021
Notification by Austrian Financial Market Authority on the systemic risk buffer (SyRB) rate for twelve institutions
22 February 2021
Notification by the Prudential Regulation Authority (United Kingdom) on the systemic risk buffer (SyRB)
22 February 2021
Notification by Czech National Bank on the systemic risk buffer (SyRB)
22 February 2021
Notification by Finansinspektionen (Sweden) on the systemic risk buffer (SyRB)
22 February 2021
Notification by De Nederlandsche Bank (Netherlands) on the systemic risk buffer (SyRB)
22 February 2021
Notification from Hrvatska Narodna Banka (Croatia) on the systemic risk buffer (SyRB)
22 February 2021
Notification by the Norwegian Ministry of Finance on the systemic risk buffer (SyRB)
22 February 2021
Notification by Haut Conseil de Stabilité Financière (France) on the DSTI ratio and maturity recommendation for housing loans
22 February 2021
Notification by the Norges Bank on the DTI and LTV ratios, stress test, loan amortisation and speed limits
22 February 2021
Notification by Comité du Risque Systémique (Luxembourg) on loan-to-value (LTV) ratio limits
22 February 2021
Notification by the Norwegian Ministry of Finance on Article 458 of the CRR (on residential real estate)
22 February 2021
Notification by the Norwegian Ministry of Finance on Article 458 of the CRR (on commercial real estate)
22 February 2021
Notification by Finansinspektionen (Sweden) on Article 458 of the CRR
22 February 2021
Notification by the Bank of Greece on four other systemically important institutions (O-SIIs)
22 February 2021
Notification by the CBM and the MFSA (Malta) on four other systemically important institutions (O-SIIs)
22 February 2021
Notification by the Austrian Financial Market Authority on nine other systemically important institutions (O-SIIs)
22 February 2021
Notification by the Prudential Regulation Authority (United Kingdom) on fifteen other systemically important institutions (O-SIIs)
22 February 2021
Notification by De Nederlandsche Bank (Netherlands) on one global systemically important institution (G-SII)
22 February 2021
Notification by Banca d'Italia on one global systemically important institution (G-SII)
22 February 2021
Notification by the Czech National Bank on six other systemically important institutions (O-SIIs)

All publications

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 continuously updated.

PUBLICATION

Macroprudential policy measures in Europe

The ESRB has updated its overview of national measures of macroprudential interest in the EU and the European Economic Area. The overview covers capital buffers, reciprocation measures and various other measures. It was last updated on 2 June 2021.