European Systemic Risk Board

Publication

Global dimensions of macroprudential policy

The Advisory Scientific Committee of the ESRB has published a report on the risks of international financial integration for EU economies. The report also looks at macroprudential policy options that can address these risks.
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ESRB Policy
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7 January 2020 PRESS RELEASE

ESRB General Board meeting in Frankfurt

The General Board of the European Systemic Risk Board (ESRB) held its 36th regular meeting on 19 December 2019. The General Board discussed the main risks to financial stability in the EU.

Press release

20 February 2020 PUBLICATION

ESRB publishes report on systemic cyber risk

The latest ESRB report shows how a cyber incident could evolve into a systemic cyber crisis threatening financial stability. The ESRB has therefore identified cyber risk as a source of systemic risk to the financial system which may have serious consequences for the real economy.

Report

19/02/2020: ESRB publishes report on systemic cyberattacks
English
09/01/2020: ESRB publishes report on mitigating the procyclicality of margins and haircuts in derivatives markets and securities financing transactions
English
07/01/2020: The General Board of the European Systemic Risk Board held its 36th regular meeting on 19 December 2019
English
19/12/2019: Riksbank Governor Stefan Ingves elected as First Vice-Chair of the European Systemic Risk Board
English
22/10/2019: Award of the 2019 Ieke van den Burg Prize for Research on Systemic Risk
English

All press releases

19/02/2020: Systemic cyber risk
English
14/02/2020: The network of firms implied by the news
English
14/02/2020: Regulating financial networks under uncertainty
English
11/02/2020: The global dimensions of macroprudential policy
English
09/01/2020: Mitigating the procyclicality of margins and haircuts in derivatives markets and securities financing transactions
English

All publications

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)
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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
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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
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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
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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
28 August 2019: Opinion of the European Systemic Risk Board of 13 May 2019 regarding Estonian notification of a stricter national measure based on Article 458 of the CRR (ESRB/2019/2)
English
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Eesti keelET

Report
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Eesti keelET
Letter to the European Commission
English
19 August 2019: Recommendation of the european systemic Risk Board of 21 March 2019 amending Recommendation ESRB/2016/14 on closing real estate data gaps (ESRB/2019/3)
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

Questions and answers
English
8 July 2019: Decision ESRB/2019/15 on the postponement of certain reports on actions and measures taken pursuant to Recommendation ESRB/2014/1 and Recommendation ESRB/2015/2
English
11 April 2019: ESRB Secretariat staff response to Insurance Europe’s position paper on the ESRB report on macroprudential measures in insurance
English

All publications

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
14 February 2020: Notification by Czech National Bank on six other systematically important institutions (O-SIIs)
English
14 February 2020: Notification by the Central Bank of Cyprus on six other systemically 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 was last updated on 17 February 2020.

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 29 November 2019.