European Systemic Risk Board

PUBLICATION

Policy actions to address coronavirus impact

The General Board of the European Systemic Risk Board has taken a set of policy actions to address the impact of the coronavirus pandemic on financial stability.
- Press release
- Policy actions

Measures taken in response to coronavirus (COVID-19) pandemic

In focus
Press releases & Speeches1
Reports & Research
ESRB Policy
National Policy

29 April 2020 PUBLICATION

Macroprudential policy review published

The ESRB has published an analysis of the most important macroprudential policy developments of 2019.

Report

9 April 2020 PUBLICATION

First ESRB risk dashboard of 2020

The ESRB risk dashboard is a set of quantitative and qualitative indicators of systemic risk in the EU financial system. The dashboard is published on a quarterly basis.

ESRB risk dashboard

14/05/2020: The General Board of the European Systemic Risk Board takes first set of actions to address the coronavirus emergency at its extraordinary meeting on 6 May 2020
English
09/04/2020: The General Board of the European Systemic Risk Board held its 37th regular meeting on 2 April 2020
English
26/02/2020: ESRB publishes report on macroprudential policy for the insurance sector
English
25/02/2020: Report on the macroprudential implications of Level 2 and 3 financial instruments for accounting purposes
English
19/02/2020: ESRB publishes report on systemic cyberattacks
English

All press releases

14/05/2020: Issues note on liquidity in corporate bond and commercial paper markets
English
04/05/2020: The making of a cyber crash: a conceptual model for systemic risk in the financial sector
English
15/04/2020: A dynamic network model to measure exposure diversification in the Austrian interbank market
English
09/04/2020: ESRB risk dashboard, April 2020 (Issue 31)
English

Overview note
English
ESRB Risk Dashboard - Annex I
English
ESRB Risk Dashboard - Annex II
English
26/02/2020: Enhancing the macroprudential dimension of Solvency II
English

All publications

14 May 2020: ESRB letter to Governments on the financial stability impact of the national guarantee schemes and other fiscal measures
English
14 May 2020: Recommendation of the European Systemic Risk Board on liquidity risks in investment funds (ESRB/2020/4)
English

ESMA public statement on Recommendation ESRB/2020/4
English
8 April 2020: Opinion of the European Systemic Risk Board of 26 February 2020 regarding Belgian notification of an extension of the period of application of a stricter national measure based on Article 458 of the CRR (ESRB/2020/2)
English
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FrançaisFR NederlandsNL

Report
English
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FrançaisFR NederlandsNL
11 March 2020: Opinion of the European Systemic Risk Board of 6 February 2020 regarding Dutch notification of a stricter national measure based on Article 458 of the CRR (ESRB/2020/1)
English
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NederlandsNL

Report
English
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NederlandsNL
5 February 2020: Letter from the ESRB to the European Commission on shortcomings of the AIFMD framework
English
31 January 2020: Adverse scenario for the EBA 2020 EU-wide banking sector stress test
Details
The ESRB has today published the adverse scenario for the EU-wide banking sector stress test to be carried out by the EBA in 2020. 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 2020 EU-wide banking sector stress test.
English

Letter to Mr José Manuel Campa
English
17 January 2020: ESRB response to the EIOPA Consultation Paper on the 2020 review of Solvency II
English
13 December 2019: Recommendation of the European Systemic Risk Board of 26 September 2019 on exchange and collection of information for macroprudential purposes on branches of credit institutions having their head in another Member State or in a third country (ESRB/2019/18)
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Corrigenda of Recommendation ESRB/2019/18
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
27 September 2019: Opinion of the European Systemic Risk Board of 25 July 2019 regarding Finnish notification of an extension of the period of application of a stricter national measure based on Article 458 of the CRR (ESRB/2019/16)
English
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SuomiFI

Report
English
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SuomiFI
23 September 2019: ESRB/2019/09 on medium-term vulnerabilities in the residential real estate sector in Sweden
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the Ministry of Finance, Sweden
English
Response from the Government Offices of Sweden – Ministry of Finance, Sweden
English
23 September 2019: ESRB/2019/08 on medium-term vulnerabilities in the residential real estate sector in Finland
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the Ministry of Finance, Finland
English
23 September 2019: ESRB/2019/07 on medium-term vulnerabilities in the residential real estate sector in the Netherlands
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the Ministry of Finance, the Netherlands
English
Response from the De Nederlandsche Bank, the Netherlands
English
23 September 2019: ESRB/2019/06 on medium-term vulnerabilities in the residential real estate sector in Luxembourg
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the Ministry of Finance, Luxembourg
English
23 September 2019: ESRB/2019/05 on medium-term vulnerabilities in the residential real estate sector in Denmark
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the Ministry of Industry, Business and Financial Affairs, Denmark
English
23 September 2019: ESRB/2019/04 on medium-term vulnerabilities in the residential real estate sector in Belgium
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the National Bank of Belgium, Belgium
English
Response from the Ministry of Finance, Belgium
English
23 September 2019: ESRB/2019/14 on medium-term vulnerabilities in the residential real estate sector in Norway
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the Royal Ministry of Finance, Norway
English
23 September 2019: ESRB/2019/13 on medium-term vulnerabilities in the residential real estate sector in Iceland
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the Ministry of Finance and Economic Affairs, Iceland
English
23 September 2019: ESRB/2019/12 on medium-term vulnerabilities in the residential real estate sector in France
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the Ministry of Economy and Finance, France
English
23 September 2019: ESRB/2019/11 on medium-term vulnerabilities in the residential real estate sector in Germany
English
OTHER LANGUAGES (22) +

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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the General Federal Ministry of Finance, Germany
English
23 September 2019: ESRB/2019/10 on medium-term vulnerabilities in the residential real estate sector in Czech Republic
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the Ministry of Finance, Czech Republic
English

All publications

8 April 2020: Notification by National Bank of Belgium on a stricter measure based on Article 458 of the CRR
English
11 March 2020: Notification by De Nederlandsche Bank on a stricter measure based on Article 458 of the CRR
English
14 February 2020: Notification by Národná banka Slovenska (National Bank of Slovakia) on tightening the limit on DSTI
English
14 February 2020: Notification by Bank of Slovenia on macroprudential restrictions on household lending
English
14 February 2020: Notification by Banco de Portugal (Bank of Portugal) on amendment to the macroprudential Recommendation on new credit agreements for consumers
English
14 February 2020: Notification by the Financial Market Authority of Liechtenstein on systemic risk buffer
English
14 February 2020: Notification by Bank of Slovenia on seven other systematically important institutions (O-SIIs)
English
14 February 2020: Notification by Finansinspektionen of Sweden (Bank of Sweden) on four other systemically important institutions (O-SIIs)
English
14 February 2020: Notification by National Committee for Macroprudential Oversight of Romania on nine other systemically important institutions (O-SIIs)
English
14 February 2020: Notification by Banco de Portugal (Bank of Portugal) on six other systematically important institutions (O-SIIs)
English
14 February 2020: Notification by Komisja Nadzoru Finansowego (Polish Financial Supervision Authority) on nine other systemically important institutions (O-SIIs)
English
14 February 2020: Notification by De Nederlansche Bank (Bank of the Netherlands) on systemic risk buffer and on five other systematically important institutions (O-SIIs)
English
14 February 2020: Notification by the Central Bank of Malta and the Malta Financial Services Authority on four other systemically important institutions (O-SIIs)
English
14 February 2020: Notification by the Financial and Capital Market Commission of Latvia on four other systematically important institutions (O-SIIs)
English
14 February 2020: Notification by Commission de Surveillance du Secteur Financier of Luxembourg on eight other systemically important institutions (O-SIIs)
English
14 February 2020: Notification by Lietuvos Bankas (Bank of Lithuania) on three other systemically important institutions (O-SIIs)
English
14 February 2020: Notification by the Financial Market Authority of Liechtenstein on three other systematically important institutions (O-SIIs)
English
14 February 2020: Notification by Banca d’Italia on four other systemically important institutions (O-SIIs)
English
14 February 2020: Notification by Central Bank of Ireland on six other systemically important institutions (O-SIIs)
English
14 February 2020: Notification by Magyar Nemzeti Bank (Bank of Hungary) on eight other systemically important institutions (O-SIIs)
English
14 February 2020: Notification by Hrvatska narodna banka (Croatian national bank) on seven other systemically important institutions (O-SIIs)
English
14 February 2020: Notification by Bank of Greece on four other systematically important institutions (O-SIIs)
English
14 February 2020: Notification by the Autorité de Contrôle Prudentiel et de Résolution (the Prudential Supervisory and Resolution Authority of France) on six other systematically important institutions (O-SIIs)
English
14 February 2020: Notification by Banco de Espana on five other systematically important institutions (O-SIIs)
English
14 February 2020: Notification by Eesti Pank (Bank of Estonia) on four other systematically important institutions (O-SIIs)
English

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.

Learn more

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 19 March 2020.