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  • The macroprudential challenge of climate change
    PRESS RELEASE
    The macroprudential challenge of climate change

    Climate-related risks can spread quickly throughout the financial system and harm companies and banks alike. Our joint report with the ECB calls for macroprudential and microprudential policies to work together to mitigate these risks.

Measures taken in response to coronavirus (COVID-19) pandemic
Call for papers on inflation and financial stability
29 July 2022 RESEARCH

Call for papers on inflation and financial stability

We are looking for research papers for our joint ECB/ESRB workshop. Submit your work by 16 September 2022.

Stability and the EU securitisation market
1 July 2022 PUBLICATION

Stability and the EU securitisation market

We’ve published our first report on the implications of the EU securitisation market for financial stability. The main focus this time is on residential mortgage-backed securities.

15/07/2022
Award of the 2022 Ieke van den Burg Prize for research on systemic risk
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15/07/2022
ESRB publishes EU Non-bank Financial Intermediation Risk Monitor 2022
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30/06/2022
The General Board of the European Systemic Risk Board held its 46th regular meeting on 23 June 2022
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20/06/2022
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
English
20/06/2022
Pablo Hernández de Cos: Making macroprudential policy fit for the next decade
Keynote speech by Pablo Hernández de Cos, Governor of the Banco de España and Chair of the Advisory Technical Committee of the European Systemic Risk Board, at the 6th DNB-Riksbank-Bundesbank Macroprudential Conference
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26/07/2022
The macroprudential challenge of climate change
English
Annexes
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15/07/2022
EU Non-bank Financial Intermediation Risk Monitor 2022
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15/07/2022
ESRB Annual Report 2021
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR GaeilgeGA HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
01/07/2022
Are fund managers rewarded for taking cyclical risks?
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01/07/2022
Housing and credit misalignments in a two-market disequilibrium framework
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01/07/2022
Monitoring systemic risks in the EU securitisation market
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30/06/2022
ESRB risk dashboard, June 2022 (Issue 40)
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ESRB Risk Dashboard - Annex I
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ESRB Risk Dashboard - Annex II
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01/04/2022
The economics of debt relief during a pandemic: lessons from the experience in Ireland
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31/03/2022
Review of the EU Macroprudential Framework for the Banking Sector - Concept Note
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31/03/2022
ESRB risk dashboard, March 2022 (Issue 39)
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ESRB Risk Dashboard - Annex I
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ESRB Risk Dashboard - Annex II
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15/03/2022
Fluctuating bail-in expectations and effects on market discipline, risk-taking and cost of capital
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11/02/2022
Vulnerabilities in the residential real estate sectors of the EEA countries
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27/01/2022
Mitigating systemic cyber risk
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25/01/2022
Report on the economic rationale supporting the ESRB Recommendation of 2 December 2021 on money market funds and assessment
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20/01/2022
European financial crises database
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18/01/2022
Will video kill the radio star? Digitalisation and the future of banking
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29/12/2021
Life-cycle risk-taking with personal disaster risk
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29/12/2021
Empirical analysis of collateral at central counterparties
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17/12/2021
Report of the Analytical Task Force on the overlap between capital buffers and minimum requirements
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15/12/2021
Prudential policy with distorted beliefs
English
15/12/2021
The role of systemic risk spillovers in the transmission of Euro Area monetary policy
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13/12/2021
Financial stability implications of IFRS 17 Insurance Contracts
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09/12/2021
ESRB risk dashboard, November 2021 (Issue 38)
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ESRB Risk Dashboard - Annex I
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ESRB Risk Dashboard - Annex II
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01/12/2021
Banking networks and economic growth: from idiosyncratic shocks to aggregate fluctuations
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01/12/2021
On the stance of macroprudential policy
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13 July 2022
ESRB's view regarding data quality issues and risks for financial stability
English
4 April 2022
Climate scenario for the European Insurance and Occupational Pensions Authority's EU-wide pension and fund stress test in 2022
English
Letter to Ms Petra Hielkema
English
1 April 2022
ESRB Secretariat’s response to ESMA’s consultation on APC measures for CCPs
English
1 April 2022
ESRB response letter to the European Commission consultation on the review of the mortgage credit directive
English
31 March 2022
Review of the EU Macroprudential Framework for the Banking Sector - Response to the call for advice
English
23 March 2022
Letter to the European Parliament on the AIFMD Review
English
23 March 2022
Letter to the Council Working Party on the AIFMD Review
English
23 March 2022
ESRB Response letter to the European Commission targeted consultation on the review of the central clearing framework in the EU
English
21 February 2022
Opinion of the European Systemic Risk Board of 21 February 2022 regarding the existing O-SII buffer pursuant to Article 131 and the Belgium notification of the setting of a systemic risk buffer rate pursuant Article 133 of Directive 2013/36/EU of the European Parliament and of the Council on access to the activity of credit institutions and the prudential supervision of credit institutions (ESRB/2022/2)
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Report
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14 February 2022
Adverse scenario for the European Securities and Markets Auhtority's money market fund stress testing guidelines in 2021
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Letter to Ms Verena Ross
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11 February 2022
Warning of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector of Slovakia (ESRB/2021/16)
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Cover letter
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Response from the Ministry of Finance of the Slovak Republic, Slovakia
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11 February 2022
Warning of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector of Liechtenstein (ESRB/2021/14)
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR GaeilgeGA HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
Cover letter
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Response from the Ministry of General Government Affairs and Finance and from the Financial Market Authority, Liechtenstein
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11 February 2022
Warning of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector of Hungary (ESRB/2021/15)
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Cover letter
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Response from the Ministry of Finance State Secretary, Hungary
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11 February 2022
Warning of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector of Croatia (ESRB/2021/13)
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Cover letter
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Response from the Ministry of Finance, Croatia
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11 February 2022
Warning of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector of Bulgaria (ESRB/2021/12)
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Cover letter
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Response from the Ministry of Finance, Bulgaria
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Response from the Bulgarian National Bank, Bulgaria
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11 February 2022
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)
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR GaeilgeGA HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
Cover letter
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11 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)
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Cover letter
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Response from the General Federal Ministry of Finance, Germany
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2 February 2022
Letter to Members of the European Parliament on the Solvency II Review
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2 February 2022
Letter to the Council Working Party on the Solvency II Review
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27 January 2022
Recommendation of the European Systemic Risk Board of 2 December 2021 on a pan-European systemic cyber incident coordination framework for relevant authorities (ESRB/2021/17)
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European Supervisory Authorities public statement
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14 June 2022
Notification by the Financial Market Authority of Liechtenstein on Systemic Risk Buffer (SyRB)
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14 June 2022
Notification by German Federal Financial Supervisory Authority (BaFin) on Systemic Risk Buffer (SyRB)
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14 June 2022
Notification by Bank of Slovenia on Systemic Risk Buffer (SyRB)
English
14 June 2022
Notification by the National Bank of Belgium on Systemic Risk Buffer (SyRB)
English
14 June 2022
Notification by Bank of Iceland on Systemic Risk Buffer (SyRB)
English
22 March 2022
Notification by Austrian Financial Market Authority on seven Other Systemically Important Institutions (O-SII)
English
22 March 2022
Notification by Komisja Nadzoru Finansowego on ten Other Systemically Important Institutions (O-SII)
English
22 March 2022
Notification by Bank of Cyprus on five Other Systemically Important Institutions (O-SII)
English
22 March 2022
Notification by Central Bank of Malta and Malta Financial Services Authority on four Other Systemically Important Institutions (O-SII)
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22 March 2022
Notification by Commission de Surveillance du Secteur Financier on seven Other Systemically Important Institutions (O-SII)
English
22 March 2022
Notification by Central Bank of Greece on four Other Systemically Important Institutions (O-SII)
English
22 March 2022
Notification by The Financial and Capital Market Commission on five Other Systemically Important Institutions (O-SII)
English
22 March 2022
Notification by Bank of Spain on one globally systemically important institution (G-SII)
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22 March 2022
Notification by Bank of Italy on one globally systemically important institution (G-SII)
English
22 March 2022
Notification by De Nederlandsche Bank NV on one globally systemically significant institution (G-SII)
English
22 March 2022
Notification by the Bank of Croatia on seven other systemically important institutions (O-SII)
English
22 March 2022
Notification by Finansinspektionen on four Other Systemically Important Institutions (O-SII)
English
22 March 2022
Notification by Bank of Lithuania on Systemic Risk Buffer (SyRB)
English
22 March 2022
Notification by Eesti Pank on Systemic Risk Buffer (SyRB)
English
22 March 2022
Notification by the Bulgarian National Bank on the Systemic Risk Buffer (SyRB)
English
22 March 2022
Notification by Czech National Bank on LTV, DSTI and DTI limits
English
22 March 2022
Notification by Financial and Capital Market Commission of Latvia on other borrower-based measure restrictions
English
8 December 2021
Notification by National Bank of Slovenia on five other systemically important institutions
English
8 December 2021
Notification by De Nederlandsche Bank on five other systemically important institutions (O-SIIs)
English
8 December 2021
Notification by FMA on three other systemically important institutions (O-SIIs)
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NBFI Monitor 2022
15 July 2022 Publication

NBFI Monitor 2022

We have published our annual assessment of systemic risks and vulnerabilities related to investment funds and other financial institutions. It focuses on disorderly market corrections, rising liquidity and credit risks, interconnectedness and excessive use of leverage.

Interactive map on countercyclical capital buffers
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.