European Systemic Risk Board

Press release

ESRB General Board meeting in Frankfurt

The General Board of the European Systemic Risk Board (ESRB) held its 35th regular meeting on 26 September 2019. The General Board discussed the main risks to financial stability in the EU.
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18 October 2019 ACCOUNTABILITY

Lagarde confirmed as next ECB President

The European Council has formally appointed Christine Lagarde as the next ECB President. She will therefore also become Chair of the ESRB. Ms Lagarde will take office on 1 November.

2 October 2019 PUBLICATION

ESRB risk dashboard

The ESRB risk dashboard is a set of quantitative and qualitative indicators of systemic risk in the EU financial system. The indicators are published quarterly.

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22/10/2019: Award of the 2019 Ieke van den Burg Prize for Research on Systemic Risk
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02/10/2019: The General Board of the European Systemic Risk Board held its 35th regular meeting on 26 September
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26/09/2019: Andrea Enria: The future of stress testing – realism, relevance and resources
Keynote speech by Andrea Enria, Chair of the Supervisory Board of the ECB, at the European Systemic Risk Board (ESRB) Annual Conference
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26/09/2019: Mario Draghi: Macroprudential policy in Europe
Welcome remarks by Mario Draghi, President of the ECB and Chair of the European Systemic Risk Board, at the fourth annual conference of the ESRB
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23/09/2019: ESRB issues five warnings and six recommendations on medium-term residential real estate sector vulnerabilities
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02/10/2019: ESRB risk dashboard, September 2019 (Issue 29)
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Overview note
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ESRB Risk Dashboard - Annex I
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ESRB Risk Dashboard - Annex II
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30/09/2019: Exposition, climax, denouement: Life-cycle evaluation of the recent financial crisis in the EU by linking the ESRB financial crisis database to the European Commission's Macroeconomic Imbalance Procedure Scoreboard
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23/09/2019: Follow-up report on countries that received ESRB warnings in 2016 on medium-term vulnerabilities in the residential real estate sector
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23/09/2019: Methodologies for the assessment of real estate vulnerabilities and macroprudential policies: residential real estate
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23/09/2019: Vulnerabilities in the residential real estate sectors of the EEA countries
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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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Cover letter
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Response from the Ministry of Finance, Sweden
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Response from the Government Offices of Sweden – Ministry of Finance, Sweden
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23 September 2019: ESRB/2019/08 on medium-term vulnerabilities in the residential real estate sector in Finland
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Cover letter
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Response from the Ministry of Finance, Finland
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23 September 2019: ESRB/2019/07 on medium-term vulnerabilities in the residential real estate sector in the Netherlands
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Cover letter
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Response from the Ministry of Finance, the Netherlands
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Response from the De Nederlandsche Bank, the Netherlands
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23 September 2019: ESRB/2019/06 on medium-term vulnerabilities in the residential real estate sector in Luxembourg
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Response from the Ministry of Finance, Luxembourg
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23 September 2019: ESRB/2019/05 on medium-term vulnerabilities in the residential real estate sector in Denmark
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Response from the Ministry of Industry, Business and Financial Affairs, Denmark
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23 September 2019: ESRB/2019/04 on medium-term vulnerabilities in the residential real estate sector in Belgium
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Cover letter
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Response from the National Bank of Belgium, Belgium
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Response from the Ministry of Finance, Belgium
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23 September 2019: ESRB/2019/14 on medium-term vulnerabilities in the residential real estate sector in Norway
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Response from the Royal Ministry of Finance, Norway
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23 September 2019: ESRB/2019/13 on medium-term vulnerabilities in the residential real estate sector in Iceland
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Response from the Ministry of Finance and Economic Affairs, Iceland
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23 September 2019: ESRB/2019/12 on medium-term vulnerabilities in the residential real estate sector in France
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Response from the Ministry of Economy and Finance, France
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23 September 2019: ESRB/2019/11 on medium-term vulnerabilities in the residential real estate sector in Germany
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Response from the General Federal Ministry of Finance, Germany
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23 September 2019: ESRB/2019/10 on medium-term vulnerabilities in the residential real estate sector in Czech Republic
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Cover letter
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Response from the Ministry of Finance, Czech Republic
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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)
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Eesti keelET

Report
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Eesti keelET
Letter to the European Commission
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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)
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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
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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
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11 April 2019: ESRB Secretariat staff response to Insurance Europe’s position paper on the ESRB report on macroprudential measures in insurance
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3 April 2019: Adverse scenario for the ESMA 2019 EU-wide central counterparty stress test
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The ESRB has today published the adverse scenario for the EU-wide central counterparty stress test carried out by the ESMA in 2019. This scenario, which has been approved by the General Board of the ESRB, highlights adverse conditions that are relevant to this sector.
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Letter
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Technical note
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2 April 2019: Adverse scenario for EIOPA 2019 EU-wide stress test of pension funds and ESMA 2019 money market fund stress-testing guidelines
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The ESRB has today published the adverse scenario for the EU-wide stress tests for occupational pension funds to be carried out by EIOPA in 2019. This scenario will also support the ESMA’s stress-testing guidelines for managers of money market funds under Article 28 of the MMF Regulation. This scenario, which has been approved by the General Board of the ESRB, highlights adverse conditions that are relevant to these sectors. This information has also been published by EIOPA as part of its communication on the 2019 EU-wide stress test.
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Letter
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Letter
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Technical note
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26 June 2018: Opinion of the European Systemic Risk Board of 21 June 2018 regarding Swedish notification of a stricter national measure based on Article 458 of the CRR (ESRB/2018/4)
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SvenskaSV

Report
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SvenskaSV
14 May 2018: Adverse scenario for EIOPA 2018 EU-wide insurance stress test
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The ESRB has today published the adverse scenario for the EU-wide stress test for the insurance sector to be carried out by EIOPA in 2018. 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 EIOPA as part of its communication on the 2018 EU-wide stress tests.
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Letter
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4 October 2019: Notification by Croatian National Bank on the systemic risk buffer (SyRB)
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27 September 2019: Notification by Finland on an extension of the period of application of a stricter national measure based on Article 458 of the CRR
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18 September 2019: Notification by Magyar Nemzeti Bank (Central Bank of Hungary) on a change in scope of the systemic risk buffer (SyRB)
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28 August 2019: Notification by Eesti Pank (Bank of Estonia) on a stricter measure based on Article 458 of the CRR [26 June 2019]
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Notification by Eesti Pank (Bank of Estonia) on a stricter measure based on Article 458 of the CRR [15 April 2019]
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9 August 2019: Notification by Finanstilsynet (Danish Financial Supervisory Authority) on seven other systematically important institutions (O-SIIs)
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9 August 2019: Notification by Magyar Nemzeti Bank (Central Bank of Hungary) on the amemdment of regulation on debt-service-to-income (DSTI) ratio and loan-to-value (LTV) ratio limits
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17 July 2019: Notification by the Prudential Regulation Authority of the United Kingdom on the systemic risk buffer
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17 July 2019: Notification by Národná banka Slovenska (National Bank of Slovakia) on the systemic risk buffer
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17 July 2019: Notification by Magyar Nemzeti Bank (Central Bank of Hungary) on the systemic risk buffer
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17 July 2019: Notification by FIN-FSA (the Finnish Financial Supervisory Authority) on maintaining the existing systemic risk buffer
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17 July 2019: Notification by Národná banka Slovenska (National Bank of Slovakia) on five other systematically important institutions (O-SIIs)
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17 July 2019: Notification by FIN-FSA (the Finnish Financial Supervisory Authority) on three other systemically important institutions (O-SIIs)
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17 May 2019: Notification by Central Bank of Malta on borrower-based measures
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17 May 2019: Notification by Financial Supervisory Authority of Iceland (FME) on three other systematically important institutions (O-SIIs)
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28 February 2019: Notification by the Danish Ministry of Industry, Business and Financial Affairs on change of the level of an existing systemic risk buffer in the Faroe Islands
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28 February 2019: Notification by the Danish Ministry of Industry, Business and Financial Affairs on the systemic risk buffer
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28 February 2019: Notification by the Central Bank of Malta and Malta Financial Services Authority on three other systematically important institutions (O-SIIs)
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28 February 2019: Notification by the Central Bank of Cyprus on five other systemic important institutions (O-SIIs)
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28 February 2019: Notification by the De Nederlandsche Bank N.V. on one global systemic important institutions (G-SII)
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14 February 2019: Notification by the Finnish Financial Supervisory Authority (FIN-FSA) regarding change in Nordea G-SII status
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14 February 2019: Notification by the Finnish Financial Supervisory Authority (FIN-FSA) on one global systemically important institution (G-SII)
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14 February 2019: Notification by Finnish Financial Supervisory Authority (FIN-FSA) on three other systematically important institutions (O-SIIs)
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25 January 2019: Notification by the Magyar Nemzeti Bank (Central Bank of Hungary) on amendments of the mortgage funding adequacy ratio regulation
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25 January 2019: Notification by the Croatian Hrvatska narodna banka on seven other systematically important institutions (O-SIIs)
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25 January 2019: Notification by the Federal Financial Supervisory Authority of Germany on thirteen other systematically important institutions (O-SIIs)
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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 7 November 2019.

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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 4 November 2019.