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  • Fiscal support and financial stability
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    Fiscal support and financial stability

    The ESRB has published a new note on the financial stability implications of the fiscal support measures taken during the coronavirus crisis. It presents the effects of these fiscal measures on the real economy and the financial system.

Measures taken in response to coronavirus (COVID-19) pandemic
NBFI Monitor 2021
30 August 2021 PUBLICATION

NBFI Monitor 2021

The ESRB has published the sixth EU Non-Bank Financial Intermediation Risk Monitor. The report presents an overview of developments in the investment fund and “other financial institutions” sectors and highlights risks to financial stability.

Hearing at the European Parliament
1 July 2021 ACCOUNTABILITY

Hearing at the European Parliament

ESRB Chair Christine Lagarde spoke before the European Parliament’s Committee on Economic and Monetary Affairs and answered questions from its members.

16 July 2021
Opinion of the European Systemic Risk Board of 17 June 2021 regarding the Estonian notification of an extension of the period of application of a stricter national measure based on Article 458 of the CRR (ESRB/2021/5)
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Eesti keelET
Report
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Eesti keelET
25 June 2021
Opinion of the European Systemic Risk Board of 25 May 2021 regarding the French notification of an extension of the period of application of a stricter national measure based on Article 458 of the CRR (ESRB/2021/4)
English
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FrançaisFR
Report
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FrançaisFR
7 June 2021
Adverse scenario for the ESMA 2021 EU-wide central counterparty stress test
English
Letter to Ms Anneli Tuominen
English
7 May 2021
Adverse scenario for the EIOPA 2021 EU-wide insurance sector stress test
English
Letter to Mr Peter Braumueller
English
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
English
Letter to Mr José Manuel Campa
English
2021 EU-wide stress test - market risk shocks
English
29 January 2021
ESRB response to the European Commission consultation on the review of AIFMD
English
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.

English
Letter to Mr Steven Maijoor
English
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)
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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
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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)
English
Report
English
30 November 2020
Recommendation of the European Systemic Risk Board on identifying legal entities (ESRB/2020/12)
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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
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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SvenskaSV
Report
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SvenskaSV
19 October 2020
Response letter to a consultation of the European Commission on the review of Solvency II
English
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
English
References to external ratings or credit rating agencies in EU law
English
ESMA response letter
English
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
English
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
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FrançaisFR
Report
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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
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Related
8 June 2020
ESRB letter to EIOPA on Liquidity risks in the insurance sector
English

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

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42nd meeting of the ESRB General Board
1 July 2021 PUBLICATION

42nd meeting of the ESRB General Board

The General Board of the European Systemic Risk Board held its 42nd regular meeting on 24 June 2021. On the agenda were the primary risks to financial stability in the EU, which are also highlighted in the ESRB Annual Report.