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  • Non-bank Financial Intermediation Risk Monitor
    PUBLICATION
    Non-bank Financial Intermediation Risk Monitor

    We have published our 2023 assessment of systemic risks and vulnerabilities related to EU investment funds and other financial institutions. This eighth edition extends the monitoring universe to crypto-assets and associated intermediaries.

Measures taken in response to coronavirus (COVID-19) pandemic
Report on crypto-assets and decentralised finance
25 May 2023 PUBLICATION

Report on crypto-assets and decentralised finance

The crypto-asset market currently has few links with traditional finance and the real economy. Yet, given its exponential growth, there is a risk of contagion. Our new report calls for close monitoring and identifies ways to better understand potential contagion channels.

Current challenges for the financial system
11 May 2023 SPEECH

Current challenges for the financial system

The economy has proved more resilient to the effects of Russia’s war in Ukraine than expected, says Pablo Hernández de Cos, Chair of the ESRB’s Advisory Technical Committee. The macrofinancial risk landscape has changed in recent months and continues to evolve.

06/06/2023
EU Non-bank Financial Intermediation Risk Monitor 2023
English
Annex
English
25/05/2023
Crypto-assets and decentralised finance
English
11/04/2023
ESRB risk dashboard, March 2023 (Issue 43)
English
ESRB risk dashboard - Annex I
English
ESRB risk dashboard - Annex II
English
01/03/2023
The externalities of fire sales: evidence from collateralized loan obligations
English
01/03/2023
Financial fragility in open-ended mutual funds: the role of liquidity management tools
English
14/02/2023
Advancing macroprudential tools for cyber resilience
English
25/01/2023
Vulnerabilities in the EEA commercial real estate sector
English
24/01/2023
Stabilising financial markets: lending and market making as a last resort
English
08/12/2022
ESRB risk dashboard, November 2022 (Issue 42)
English
ESRB risk dashboard - Annex I
English
ESRB risk dashboard - Annex II
English
01/12/2022
The market for short-term debt securities in Europe: what we know and what we do not know
English
21/11/2022
Fiscal support and macroprudential policy - Lessons from the COVID-19 pandemic
English
14/11/2022
Bank capital regulation and climate change
English
29/09/2022
ESRB risk dashboard, September 2022 (Issue 41)
English
ESRB risk dashboard - Annex I
English
ESRB risk dashboard - Annex II
English
28/09/2022
Corrective regulation with imperfect instruments
English
28/09/2022
The effect of structural risks on financial downturns
English
30/08/2022
Issues note on macroprudential aspects of trade credit insurance
English
15/08/2022
Macroprudential policy and the role of institutional investors in housing markets
English
15/08/2022
Interbank credit exposures and financial stability
English
26/07/2022
The macroprudential challenge of climate change
English
Annexes
English
15/07/2022
EU Non-bank Financial Intermediation Risk Monitor 2022
English
15/07/2022
ESRB Annual Report 2021
English
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01/07/2022
Are fund managers rewarded for taking cyclical risks?
English
01/07/2022
Housing and credit misalignments in a two-market disequilibrium framework
English
01/07/2022
Monitoring systemic risks in the EU securitisation market
English
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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All publications

31 May 2023
Adverse scenario for the European Securities and Markets Authority's 2023 central counterparty stress test
English
Letter to Ms Verena Ross
English
ESMA 2023 central counterparty stress test (shocks)
English
30 March 2023
Letter from ECB President and ESRB Chair to Ms Mairead McGuinness, European Commissioner for Financial Stability, Financial Services and Capital Markets Union, on stress testing
English
20 March 2023
Letter to Members of the European Parliament on EMIR review
English
20 March 2023
Letter to the Council Working Party on EMIR review
English
20 March 2023
Macro-financial scenario for the 2023 EU-wide banking sector stress test (updated on 20 March 2023)

Details

This version includes correction of specific values in table 4.1.11. Those changes are specified in the corrigendum table.

English
Letter to Mr José Manuel Campa (30 January 2023)
English
Letter to Mr José Manuel Campa (1 March 2023)
English
Letter to Mr José Manuel Campa (20 March 2023)
English
2023 EU-wide stress test - Adverse macrofinancial scenario (updated on 20 March 2023)
English
2023 EU-wide stress test - Real Gross Value Added by sector (updated on 1 March 2023)
English
Corrigendum (updated on 20 March 2023)
English
2023 EU-wide stress test - Market risk scenario provided by the ECB (30 January 2023)
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25 January 2023
Recommendation of the European Systemic Risk Board of 1 December 2022 on vulnerabilities in the commercial real estate sector in the European Economic Area (ESRB/2022/9)
English
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30 November 2022
Adverse scenario for the European Securities and Markets Authority's money market fund stress testing guidelines in 2022
English
Letter to Ms Verena Ross
English
16 November 2022
Letter to the Council Working Party on the Solvency II Review and Liquidity Risk Management
English
16 November 2022
Letter to Members of the European Parliament on the Solvency II Review and Liquidity Risk Management
English
15 November 2022
Opinion of the European Systemic Risk Board of 15 November 2022 regarding the existing systemic risk buffer pursuant to Article 133 and the Norwegian notification of the setting or resetting of an O-SII buffer pursuant to Article 131 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/2022/8)
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Report
English
29 September 2022
Warning of the European Systemic Risk Board of 22 September 2022 on vulnerabilities in the Union financial system (ESRB/2022/7)
English
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6 September 2022
Opinion of the European Systemic Risk Board of 6 September 2022 regarding Dutch notification of an extension of the period of application of a stricter national measure based on Article 458 of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions (ESRB/2022/6)
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Report
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European Commission decision
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28 July 2022
Opinion of the European Systemic Risk Board of 28 July 2022 regarding the existing systemic risk buffer pursuant to Article 133 and the Belgian notification of the setting or resetting of O-SII buffer rates pursuant to Article 131 of Directive 2013/36/EU of the European Parliament and of the Council on access to the activity of credit insitutions and the prudential supervision of credit institutions (ESRB/2022/5)
English
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Report
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FrançaisFR NederlandsNL
European Commission decision
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19 July 2022
Letter on ESRB view on the targeted EMIR review with respect to central clearing in the EU
English
13 July 2022
Letter on ESRB 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

All publications

30 March 2023
Notification by Finnish Financial Supervisory Authority (Finland) on Systemic Risk Buffer (SyRB)
English
28 March 2023
Notification by the Central Bank of Malta on Systemic Risk Buffer (SyRB)
English
9 March 2023
Notification by the Latvijas Banka (Latvia) under Article 124 CRR
English
8 March 2023
Notification by the Financial Services Authority and Central Bank of Malta under Article 124 CRR
English
2 February 2023
Notification by Norges Bank (Norway) on borrower-based measures (BBMs)
English
19 January 2023
Notification by Malta Financial Services Authority (MFSA) on other macroprudential measures
English
13 January 2023
Notification by Polish Ministry of Finance (Poland) on Article 124 CRR
English
5 January 2023
Notification by Magyar Nemzeti Bank (Hungary) on Mortgage Funding Adequacy Ratio
English
23 December 2022
Notification by Hrvatska Narodna Banka (Croatia) on Systemic Risk Buffer (SyRB)
English
23 December 2022
Notification by Commission de Surveillance du Secteur Financier (CSSF) (Luxembourg) on Other Systemically Important Institutions (O-SIIs)
English
22 December 2022
Notification by Financial and Capital Market Commision (FCMC) (Latvia) of Other Systemically Important Institutions (O-SIIs)
English
22 December 2022
Notification by Komisja Nadzoru Finansowego (Poland) on ten other systemically important instititutions (O-SIIs)
English
21 December 2022
Notification by Lietuvos bankas (Lithuania) on Other Systemically Important Institutions (O-SIIs)
English
16 December 2022
Notification by Finansdepartementet (Norway) on Systemic Risk Buffer (SyRB)
English
16 December 2022
Notification by Norwegian Ministry of Finance (Norway) on other macroprudential measures
English
16 December 2022
Notification by Norwegian Ministry of Finance (Norway) on other macroprudential measures
English
15 December 2022
Notification by Central Bank of Malta (CBM) and Malta Financial Services Authority (MFSA) on Other Systemically Important Institutions (O-SIIs)
English
9 December 2022
Notification by Banca d'Italia (Italy) on Globally Systemically Important Institutions (G-SIIs)
English
7 December 2022
Notification by Sedlabanki Íslands (Iceland) on Global Systemically Important Institutions (G-SIIs)
English
2 December 2022
Notification by Central Bank of Cyprus on six other systemically important institutions (O-SIIs)
English
1 December 2022
Notification by Autorité de Contrôle Prudentiel et de Résolution (France) on seven other systemically important institutions (O-SIIs)
English
1 December 2022
Notification by De Nederlandsche Bank (the Netherlands) on one globally systemically important institutions (G-SIIs)
English
1 December 2022
Notification by Autorité de Contrôle Prudentiel et de Résolution (ACPR) (France) on Globally Systemically Important Institutions (G-SIIs)
English
1 December 2022
Notification by Bundesanstalt für Finanzdienstleistungsaufsicht (Germany) on sixteen other systemically important institutions (O-SIIs)
English
1 December 2022
Notification by Bundesanstalt für Finanzdienstleistungsaufsicht (Germany) on one globally systemically important institutions (G-SIIs)
English

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49th meeting of the ESRB General Board
11 April 2023 PUBLICATION

49th meeting of the ESRB General Board

At its meeting on 30 March the General Board assessed the key systemic risks in the EU financial system and appointed members to key ESRB positions.

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.