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Macroprudential policy issues report

The ESRB has published its second report on macroprudential policy issues arising from the low interest-rate environment in the European financial system.
- Report
- Press release

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

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

Corporate insolvencies and coronavirus

28 April 2021 PUBLICATION

Corporate insolvencies and coronavirus

What do we need to prevent a large wave of corporate insolvencies triggered by the coronavirus pandemic? The policy mix needs to evolve towards more targeted solvency support to viable businesses. Successful debt restructuring will also be key.

41st meeting of ESRB General Board

6 April 2021 PRESS RELEASE

41st meeting of ESRB General Board

The General Board of the European Systemic Risk Board held its 41st regular meeting on 25 March 2021. On the agenda were the main risks to financial stability in the European Union, including rising pressures on the solvency of non-financial corporations.

Press release

01/06/2021: Lower for longer – macroprudential policy issues arising from the low interest rate environment
English
28/04/2021: Preventing and managing a large number of corporate insolvencies
English
06/04/2021: The General Board of the European Systemic Risk Board held its 41st regular meeting on 25 March 2021
English
16/02/2021: ESRB report on the financial stability implications of COVID-19 support measures to protect the real economy
English
18/12/2020: The General Board of the European Systemic Risk Board held its 40th regular meeting on 15 December 2020
English

All press releases

15/06/2021: Measuring the impact of a bank failure on the real economy: an EU-wide analytical framework
English
01/06/2021: Lower for longer - macroprudential policy issues arising from the low interest rate environment
English

Annex I
English
Annex II
English
01/06/2021: Resolving mortgage distress after COVID-19: some lessons from the last crisis
English
01/06/2021: A quantitative analysis of the countercyclical capital buffer
English
10/05/2021: Investment funds, monetary policy, and the global financial cycle
English

All publications

7 June 2021

Adverse scenario for the ESMA 2021 EU-wide central counterparty stress test

Letter to Ms Anneli Tuominen

7 May 2021

Adverse scenario for the EIOPA 2021 EU-wide insurance sector stress test

Letter to Mr Peter Braumueller

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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FrançaisFR NederlandsNL

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FrançaisFR NederlandsNL

29 January 2021

Macro-financial scenario for the 2021 EU-wide banking sector stress test

Letter to Mr José Manuel Campa

2021 EU-wide stress test - market risk shocks

29 January 2021

ESRB response to the European Commission consultation on the review of AIFMD

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.

Letter to Mr Steven Maijoor

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)

OTHER LANGUAGES (22) +

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)

30 November 2020

Recommendation of the European Systemic Risk Board on identifying legal entities (ESRB/2020/12)

OTHER LANGUAGES (22) +

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)

OTHER LANGUAGES (1) +

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OTHER LANGUAGES (1) +

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19 October 2020

Response letter to a consultation of the European Commission on the review of Solvency II

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

References to external ratings or credit rating agencies in EU law

ESMA response letter

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

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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OTHER LANGUAGES (1) +

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25 June 2020

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

25 June 2020

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

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

8 June 2020

ESRB letter to EIOPA on Liquidity risks in the insurance sector

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)

OTHER LANGUAGES (22) +

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

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

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

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

Compliance report of Recommendation A of the Recommendation ESRB/2020/8

8 June 2020

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

OTHER LANGUAGES (22) +

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

All publications

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

All publications

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.

Learn more

Macroprudential policy measures in Europe

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 2 June 2021.

National policy