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  • PUBLICATION
    52nd meeting of the ESRB General Board

    At its meeting on 30 November, the General Board assessed that the risks to the EU financial stability remain elevated.

Measures taken in response to coronavirus (COVID-19) pandemic
7 December 2023 PUBLICATION

ESRB risk dashboard

The ESRB risk dashboard is a set of indicators showing the extent and causes of systemic risk in the EU financial system. It is published quarterly.

16 November 2023 SPEECH

One year on, taking stock of the ESRB’s financial stability warning

A year after the ESRB’s first ever general warning on vulnerabilities in the EU financial system, some of the risks have materialised, says ESRB Chair Christine Lagarde. Others have not, but policymakers must still take action to keep them in check.

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
24/01/2023
Stabilising financial markets: lending and market making as a last resort
08/12/2022
ESRB risk dashboard, November 2022 (Issue 42)
01/12/2022
The market for short-term debt securities in Europe: what we know and what we do not know
21/11/2022
Fiscal support and macroprudential policy - Lessons from the COVID-19 pandemic
14/11/2022
Bank capital regulation and climate change

All publications

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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Report
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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
20 March 2023
Letter to the Council Working Party on EMIR review
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.

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)
30 November 2022
Adverse scenario for the European Securities and Markets Authority's money market fund stress testing guidelines in 2022
16 November 2022
Letter to the Council Working Party on the Solvency II Review and Liquidity Risk Management
16 November 2022
Letter to Members of the European Parliament on the Solvency II Review and Liquidity Risk Management

All publications

30 September 2023
Notification by Minister of Finance (Poland) on Risk Weights, Article 124
29 September 2023
Notification by National Bank of Belgium on sectoral Systemic Risk Buffer (sSyRB)
29 September 2023
Notification by Ministry of Finance (Norway) on Other Systemically Important Institutions (O-SIIs)
29 September 2023
Notification by Banco de España (Spain) on Other Systemically Important Institutions (OSIIs)
27 September 2023
Notification by Finanzmarktaufsicht Liechtenstein on borrower-based measures (BBMs)
25 September 2023
Notification by Financial Market Authority Liechtenstein on Systemic Risk Buffer (SyRB)
13 September 2023
Notification by Finansinspektionen (Sweden) on Article 458 CRR
30 July 2023
Notification by the Haut Conseil de Stabilité Financière (France) on Systemic Risk Buffer (SyRB)
1 July 2023
Notification by FIN-FSA (Finland) on borrower-based measures (BBMs)
1 July 2023
Notification by National Committee for Macroprudential Oversight (Romania) for Systemic Risk Buffer (SyRB)
29 June 2023
Notification by the Finnish Financial Supervisory Authority (Finland) on Other Systemically Important Institutions (O-SIIs)
5 May 2023
Notification by the Financial Market Authority (Liechtenstein) on Other Systemically Important Institutions (O-SIIs)
30 March 2023
Notification by Finnish Financial Supervisory Authority (Finland) on Systemic Risk Buffer (SyRB)
28 March 2023
Notification by the Central Bank of Malta on Systemic Risk Buffer (SyRB)
9 March 2023
Notification by the Latvijas Banka (Latvia) under Article 124 CRR
8 March 2023
Notification by the Financial Services Authority and Central Bank of Malta under Article 124 CRR
2 February 2023
Notification by Norges Bank (Norway) on borrower-based measures (BBMs)
19 January 2023
Notification by Malta Financial Services Authority (Malta) on other macroprudential measures
13 January 2023
Notification by Polish Ministry of Finance (Poland) on Article 124 CRR
5 January 2023
Notification by Magyar Nemzeti Bank (Hungary) on Mortgage Funding Adequacy Ratio
1 January 2023
Notification by FIN-FSA (Finland) on borrower-based measures (BBMs)
23 December 2022
Notification by Hrvatska Narodna Banka (Croatia) on Systemic Risk Buffer (SyRB)
23 December 2022
Notification by Commission de Surveillance du Secteur Financier (CSSF) (Luxembourg) on Other Systemically Important Institutions (O-SIIs)
22 December 2022
Notification by Financial and Capital Market Commision (FCMC) (Latvia) of Other Systemically Important Institutions (O-SIIs)
22 December 2022
Notification by Komisja Nadzoru Finansowego (Poland) on ten other systemically important instititutions (O-SIIs)

All publications

16 November 2023 EVENT

Seventh ESRB Annual Conference

Our Annual Conference took place online on 16 November. Policymakers, central bankers and academics discussed financial stability risks and regulation. You can watch all speeches and panel discussions on the conference page.

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.