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  • Press release
    Residential real estate vulnerabilities

    Accumulated risks remain significant in European Economic Area residential real estate sectors, even though the growth of cyclical risks has mostly slowed or stopped. Since 2021, several countries have taken steps to increase resilience.

Measures taken in response to coronavirus (COVID-19) pandemic
15 January 2024 Press release

Macroprudential stance framework improved

Today we published a report on enhancements to the ESRB’s macroprudential stance framework. The framework compares systemic risks, financial system resilience and macroprudential policies, and provides data-based input to help policymakers in their decision-making.

18 December 2023 PRESS RELEASE

Joint ECB-ESRB report on climate risks

A joint ECB-ESRB report finds banks are significantly exposed to high-emitting firms and households, with future climate risks underpriced and underinsured. Monitoring and managing risks using existing tools under a system-wide prudential approach can help us tackle this challenge.

01/03/2024
The market liquidity of interest rate swaps
15/02/2024
Public money as a store of value, heterogeneous beliefs and banks: implications of CBDC
01/02/2024
Follow-up report on vulnerabilities in the residential real estate sectors of the EEA countries
15/01/2024
Improvements to the ESRB macroprudential stance framework
18/12/2023
Towards macroprudential frameworks for managing climate risk
07/12/2023
ESRB risk dashboard, November 2023 (Issue 46)
15/11/2023
Intermediation in US and EU bond and swap markets: stylised facts, trends and impact of the coronavirus (COVID-19) crisis in March 2020
15/11/2023
The transmission of macroprudential policy in the tails: evidence from a narrative approach
05/10/2023
ESRB risk dashboard, September 2023 (Issue 45)
02/10/2023
The European significant risk transfer securitisation market
15/09/2023
Insurers’ investment behaviour and the coronavirus (COVID-19) pandemic
04/09/2023
Issues note on policy options to address risks in corporate debt and real estate investment funds from a financial stability perspective
01/08/2023
Quantitative easing, accounting and prudential frameworks, and bank lending
03/07/2023
ESRB Annual Report 2022
01/07/2023
Fear the Walking Dead? Zombie Firms in the Euro Area and Their Effect on Healthy Firms’ Credit Conditions
01/07/2023
The demand for long-term mortgage contracts and the role of collateral
29/06/2023
Corporate credit and leverage in the EU: recent evolution, main drivers and financial stability implications
29/06/2023
ESRB risk dashboard, June 2023 (Issue 44)
06/06/2023
EU Non-bank Financial Intermediation Risk Monitor 2023
25/05/2023
Crypto-assets and decentralised finance
11/04/2023
ESRB risk dashboard, March 2023 (Issue 43)
01/03/2023
The externalities of fire sales: evidence from collateralized loan obligations
01/03/2023
Financial fragility in open-ended mutual funds: the role of liquidity management tools
14/02/2023
Advancing macroprudential tools for cyber resilience
25/01/2023
Vulnerabilities in the EEA commercial real estate sector

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6 March 2024
ESRB Secretariat's response to the consultation on draft ITS specifying certain tasks of collection bodies and certain functionalities of the European single access point (ESAP)
17 January 2024
Opinion of the European Systemic Risk Board of 25 August regarding the Belgian notifications of the setting or resetting of O-SII buffer rates pursuant to Article 131 and the setting or resetting of a systemic risk buffer pursuant to Article 133 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/2023/7)
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16 January 2024
Opinion of the European Systemic Risk Board of 14 December 2023 regarding the Latvian notification of an adjustment of the risk weight set for commercial immovable property pursuant to Articles 124(2) and 126(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (ESRB/2023/14)
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19 December 2023
Opinion of the European Systemic Risk Board of 10 October 2023 on the Swedish notification of the extended 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/2023/10)
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19 December 2023
Adverse scenario for the 2023 European Securities and Markets Authority’s money market fund stress testing guidelines
19 December 2023
Recommendation of the European Systemic Risk Board of 13 November 2023 regarding the Portuguese notification of its intention to set a sectoral systemic risk buffer rate in accordance with Article 133 of Directive 2013/36/EU (ESRB/2023/11)
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5 October 2023
ESRB Letter to the European Parliament - background information on the proposal to introduce an active account requirement
5 October 2023
ESRB Letter to the European Commission - background information on the proposal to introduce an active account requirement
5 October 2023
ESRB Letter to the Council of the European Union - background information on the proposal to introduce an active account requirement
2 October 2023
Opinion of the European Systemic Risk Board of 3 August 2023 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/2023/6)
2 October 2023
ESRB response to ESMA’s final report on extending emergency measures on CCP collateral requirements
29 September 2023
Opinion of the European Systemic Risk Board of 1 September 2023 regarding the Polish notification of higher risk weights set for immovable property pursuant to Articles 124(2) and 125(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (ESRB/2023/8)
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28 September 2023
ESRB response on the request for information for post-implementation Review of IFRS 9 Financial Instruments – Impairment
27 September 2023
ESRB advice on the prudential treatment of environmental and social risks
14 September 2023
Opinion of the European Systemic Risk Board of 09 June 2023 regarding Swedish notification 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 and amending Regulation (EU) No 648/2012 (ESRB/2023/3)
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19 July 2023
Opinion of the European Sytemic Risk Board of 31 May 2023 regarding the Estonian 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 the Council on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (ESRB/2023/2)
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31 May 2023
Adverse scenario for the European Securities and Markets Authority's 2023 central counterparty stress test
17 May 2023
ESRB response to ESMA’s Final Report on Emergency measures on collateral requirements, including draft RTS amending Commission Delegated Regulation (RTS) 153/2013
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
20 March 2023
Letter to Members of the European Parliament on EMIR review

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26 January 2024
Notification by Eesti Pank (Estonia) on borrower-based measures (BBMs)
11 January 2024
Notification by the Central Bank the Financial Services Authority of Malta on Other Systemically Important Institutions (O-SIIs)
1 January 2024
Notification by Banka Slovenije (Slovenia) on Systemic Risk Buffer (SyRB)
29 December 2023
Notification by Lietuvos bankas (Lithuania) on Other Systemically Important Institutions (O-SIIs)
28 December 2023
Notification by the Austrian Financial Market Authority on Other Systemically Important Institutions (O-SIIs)
27 December 2023
Notification by National Committee for Macroprudential Oversight (Romania) on Other Systemically Important Institutions (O-SIIs)
22 December 2023
Notification by Latvijas Banka (Latvia) on borrower-based measures (BBMs)
20 December 2023
Notification by FIN-FSA (Finland) on borrower-based measures (BBMs)
19 December 2023
Notification by Latvijas Banka (Latvia) on Other Systemically Important Institutions (O-SIIs)
19 December 2023
Notification by Latvijas Banka (Latvia) on Article 124 CRR
18 December 2023
Notification by Haut Conseil de stabilité financière (France) on borrower-based measures (BBMs)
15 December 2023
Notification by Commission de Surveillance du Secteur Financier (Luxembourg) on Other Systemically Important Institutions (O-SIIs)
15 December 2023
Notification by Magyar Nemzeti Bank (Hungary) on borrower based measures (BBMs)
15 December 2023
Notification by Finansinspektionen (Sweden) on Article 458 CRR
14 December 2023
Notification by Banco de España (Spain) on Globally Systemically Important Institutions (G-SIIs)
11 December 2023
Notification by Bulgarian National Bank on Systemic Risk Buffer (SyRB)
7 December 2023
Notification by De Nederlandsche Bank (The Netherlands) on Globally Systematically Important Institutions (G-SIIs)
6 December 2023
Notification by the Central Bank of Iceland on Other Systemically Important Institutions (O-SIIs)
1 December 2023
Notification by Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin (Germany) on Globally Systemically Important Institutions (G-SIIs)
1 December 2023
Notification by Autorité de Contrôle Prudentiel et de Résolution (France) on Globally Systemically Important Institutions (G-SIIs)
1 December 2023
Notification by the National Bank of Belgium on Other Systemically Important Institutions (O-SIIs)
1 December 2023
Notification by (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin (Germany) on Other Systemically Important Institutions (O-SIIs)
1 December 2023
Notification by Autorité de Contrôle Prudentiel et de Résolution (France) on Other Systemically Important Institutions (O-SIIs)
1 December 2023
Notification by Banka Slovenije (Slovenia) on Other Systemically Important Institutions (O-SIIs)
30 November 2023
Notification by Banco de Portugal on Other Systemically Important Institutions (O-SIIs)

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20 December 2023 RESEARCH

Call for papers: Ieke van den Burg prize

Call for papers: the ESRB is seeking academic papers related to its mission of preventing and mitigating systemic risks to financial stability. Interested? Submit your paper by 31 March 2024.

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.