European Systemic Risk Board

Publication

ESRB publishes its ninth annual report

The Annual Report 2019 summarises the ESRB’s main activities and achievements between April 2019 and March 2020.
- ESRB Annual Report

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

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

23 July 2020 PUBLICATION

Analysis of large-scale corporate bond downgrade scenario

The ESRB published a technical note today summarising the findings of a top-down analysis that attempts to quantify the impact of a mass bond downgrade scenario on the financial system.

Technical note

5 August 2020 PUBLICATION

Publication of the first ASC Insight

The Advisory Scientific Committee has published its first Insight, written by Javier Suarez and Willem Buiter, on the reform of bank stress tests in the EU.

ASC Insight

02/07/2020: The General Board of the European Systemic Risk Board held its 38th regular meeting on 25 June 2020
English
08/06/2020: Christine Lagarde: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Opening remarks by Christine Lagarde, Chair of the ESRB, at the ECON committee of the European Parliament (by videoconference)
English
08/06/2020: The General Board of the European Systemic Risk Board takes second set of actions in response to the coronavirus emergency at its extraordinary meeting on 27 May 2020
English
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

All press releases

05/08/2020: Reforming bank stress testing in the EU: reflections in light of the EBA’s discussion paper on the issue
English
23/07/2020: ESRB Annual Report 2019
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
13/07/2020: Pension schemes in the European Union: challenges and implications from macroeconomic and financial stability perspectives
English
02/07/2020: ESRB risk dashboard, July 2020 (Issue 32)
English

Overview note
English
ESRB Risk Dashboard - Annex I
English
ESRB Risk Dashboard - Annex II
English
08/06/2020: Liquidity risks arising from margin calls
English

All publications

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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FrançaisFR

Report

English

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FrançaisFR

25 June 2020

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

English

25 June 2020

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

English

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

English

8 June 2020

ESRB letter to EIOPA on Liquidity risks in the insurance sector

English

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)

English

OTHER LANGUAGES (22) +

Template 1 - Reporting templates under Recommendation B of Recommendation ESRB/2020/08 (PDF)

English

Template 2 - Reporting templates under Recommendation B of Recommendation ESRB/2020/08 (PDF)

English

Template 3 - Reporting templates under Recommendation B of Recommendation ESRB/2020/08 (PDF)

English

Compliance assessment template of Recommendation A and B ESRB/2020/08 (Word document)

English

8 June 2020

Recommendation of the European Systemic Risk Board on restriction of distributions during COVID-19 pandemic (ESRB/2020/7)

English

OTHER LANGUAGES (22) +

Compliance assessment template of Recommendation ESRB/2020/7 (Word document)

English

8 June 2020

Recommendation of the European Systemic Risk Board on liquidity risks arising from margin calls (ESRB/2020/6)

English

OTHER LANGUAGES (22) +

Compliance assessment template of Recommendation ESRB/2020/6 (Word document)

English

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

OTHER LANGUAGES (22) +

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

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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

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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

OTHER LANGUAGES (22) +

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

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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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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

OTHER LANGUAGES (22) +

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

OTHER LANGUAGES (22) +

Cover letter

English

Response from the Ministry of Finance, the Netherlands

English

Response from the De Nederlandsche Bank, the Netherlands

English

All publications

14 July 2020: Notification by the French Haut Conseil de stabilité financière (HCSF) on a stricter measure based on Article 458 of the CRR
English
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

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.