European Systemic Risk Board

Publication

ESRB issues a warning about risks to EU financial stability

The ESRB issues a warning about risks to EU financial stability. It calls for resilience in the financial system to be preserved or enhanced in order to support the economy if these risks materialise.
- Warning

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

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

29 September 2022 Publication

47th meeting of ESRB General Board

The General Board issued a warning on vulnerabilities in the EU financial system and called for resilience in the financial sector to be preserved or enhanced. See also other issues discussed in the press release.

Press release

29 September 2022 Publication

ESRB risk dashboard

The ESRB risk dashboard is a set of quantitative and qualitative indicators of systemic risk in the EU financial system. It is published once every quarter.

Risk Dashboard page

29/09/2022: The General Board of the European Systemic Risk Board held its 47th regular meeting on 22 September 2022
English
15/07/2022: Award of the 2022 Ieke van den Burg Prize for research on systemic risk
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15/07/2022: ESRB publishes EU Non-bank Financial Intermediation Risk Monitor 2022
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30/06/2022: The General Board of the European Systemic Risk Board held its 46th regular meeting on 23 June 2022
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20/06/2022: Christine Lagarde: Hearing at the Committee on Economic and Monetary Affairs of the European Parliament
Opening remarks by Christine Lagarde, Chair of the ESRB, at the ECON Committee of the European Parliament
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All press releases

29/09/2022: ESRB risk dashboard, September 2022 (Issue 41)
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ESRB risk dashboard - Annex I
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ESRB risk dashboard - Annex II
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28/09/2022: The effect of structural risks on financial downturns
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28/09/2022: Corrective regulation with imperfect instruments
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30/08/2022: Issues note on macroprudential aspects of trade credit insurance
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15/08/2022: Macroprudential policy and the role of institutional investors in housing markets
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15/08/2022: Interbank credit exposures and financial stability
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26/07/2022: The macroprudential challenge of climate change
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Annexes
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15/07/2022: EU Non-bank Financial Intermediation Risk Monitor 2022
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15/07/2022: ESRB Annual Report 2021
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR GaeilgeGA HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV
01/07/2022: Are fund managers rewarded for taking cyclical risks?
English
01/07/2022: Housing and credit misalignments in a two-market disequilibrium framework
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01/07/2022: Monitoring systemic risks in the EU securitisation market
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30/06/2022: ESRB risk dashboard, June 2022 (Issue 40)
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ESRB Risk Dashboard - Annex I
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ESRB Risk Dashboard - Annex II
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01/04/2022: The economics of debt relief during a pandemic: lessons from the experience in Ireland
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31/03/2022: Review of the EU Macroprudential Framework for the Banking Sector - Concept Note
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31/03/2022: ESRB risk dashboard, March 2022 (Issue 39)
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ESRB Risk Dashboard - Annex I
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ESRB Risk Dashboard - Annex II
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15/03/2022: Fluctuating bail-in expectations and effects on market discipline, risk-taking and cost of capital
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11/02/2022: Vulnerabilities in the residential real estate sectors of the EEA countries
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27/01/2022: Mitigating systemic cyber risk
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25/01/2022: Report on the economic rationale supporting the ESRB Recommendation of 2 December 2021 on money market funds and assessment
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20/01/2022: European financial crises database
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18/01/2022: Will video kill the radio star? Digitalisation and the future of banking
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29/12/2021: Life-cycle risk-taking with personal disaster risk
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29/12/2021: Empirical analysis of collateral at central counterparties
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17/12/2021: Report of the Analytical Task Force on the overlap between capital buffers and minimum requirements
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All publications

29 September 2022: Warning of the European Systemic Risk Board of 22 September 2022 on vulnerabilities in the Union financial system (ESRB/2022/7)
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19 July 2022: Letter on ESRB view on the targeted EMIR review with respect to central clearing in the EU
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18 July 2022: Germany - Recommendation of the European Systemic Risk Board of 2 June 2022 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2022/4)
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13 July 2022: Letter on ESRB view regarding data quality issues and risks for financial stability
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4 April 2022: Climate scenario for the European Insurance and Occupational Pensions Authority's EU-wide pension and fund stress test in 2022
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Letter to Ms Petra Hielkema
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1 April 2022: ESRB Secretariat’s response to ESMA’s consultation on APC measures for CCPs
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1 April 2022: ESRB response letter to the European Commission consultation on the review of the mortgage credit directive
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31 March 2022: Review of the EU Macroprudential Framework for the Banking Sector - Response to the call for advice
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23 March 2022: Letter to the European Parliament on the AIFMD Review
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23 March 2022: Letter to the Council Working Party on the AIFMD Review
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23 March 2022: ESRB Response letter to the European Commission targeted consultation on the review of the central clearing framework in the EU
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21 February 2022: Opinion of the European Systemic Risk Board of 21 February 2022 regarding the existing O-SII buffer pursuant to Article 131 and the Belgium notification of the setting of a systemic risk buffer rate pursuant 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/2022/2)
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Report
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FrançaisFR NederlandsNL
14 February 2022: Adverse scenario for the European Securities and Markets Auhtority's money market fund stress testing guidelines in 2021
English

Letter to Ms Verena Ross
English
11 February 2022: Warning of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector of Slovakia (ESRB/2021/16)
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR GaeilgeGA HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the Ministry of Finance of the Slovak Republic, Slovakia
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11 February 2022: Warning of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector of Liechtenstein (ESRB/2021/14)
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR GaeilgeGA HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the Ministry of General Government Affairs and Finance and from the Financial Market Authority, Liechtenstein
English
11 February 2022: Warning of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector of Hungary (ESRB/2021/15)
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR GaeilgeGA HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the Ministry of Finance State Secretary, Hungary
English
11 February 2022: Warning of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector of Croatia (ESRB/2021/13)
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR GaeilgeGA HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the Ministry of Finance, Croatia
English
11 February 2022: Warning of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector of Bulgaria (ESRB/2021/12)
English
OTHER LANGUAGES (23) +

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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR GaeilgeGA HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
Response from the Ministry of Finance, Bulgaria
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Response from the Bulgarian National Bank, Bulgaria
English
11 February 2022: Recommendation of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector in Austria (ESRB/2021/11)
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR GaeilgeGA HrvatskiHR MagyarHU ItalianoIT LietuviųLT LatviešuLV MaltiMT NederlandsNL PolskiPL PortuguêsPT RomânăRO SlovenčinaSK SlovenščinaSL SvenskaSV

Cover letter
English
11 February 2022: Recommendation of the European Systemic Risk Board of 2 December 2021 on medium-term vulnerabilities in the residential real estate sector in Germany (ESRB/2021/10)
English
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БългарскиBG ČeštinaCS DanskDA DeutschDE EλληνικάEL EspañolES Eesti keelET SuomiFI FrançaisFR GaeilgeGA 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
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All publications

14 June 2022: Notification by the Financial Market Authority of Liechtenstein on Systemic Risk Buffer (SyRB)
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14 June 2022: Notification by German Federal Financial Supervisory Authority (BaFin) on Systemic Risk Buffer (SyRB)
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14 June 2022: Notification by Bank of Slovenia on Systemic Risk Buffer (SyRB)
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14 June 2022: Notification by the National Bank of Belgium on Systemic Risk Buffer (SyRB)
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14 June 2022: Notification by Bank of Iceland on Systemic Risk Buffer (SyRB)
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22 March 2022: Notification by Austrian Financial Market Authority on seven Other Systemically Important Institutions (O-SII)
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22 March 2022: Notification by Komisja Nadzoru Finansowego on ten Other Systemically Important Institutions (O-SII)
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22 March 2022: Notification by Bank of Cyprus on five Other Systemically Important Institutions (O-SII)
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22 March 2022: Notification by Central Bank of Malta and Malta Financial Services Authority on four Other Systemically Important Institutions (O-SII)
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22 March 2022: Notification by Commission de Surveillance du Secteur Financier on seven Other Systemically Important Institutions (O-SII)
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22 March 2022: Notification by Central Bank of Greece on four Other Systemically Important Institutions (O-SII)
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22 March 2022: Notification by The Financial and Capital Market Commission on five Other Systemically Important Institutions (O-SII)
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22 March 2022: Notification by Bank of Spain on one globally systemically important institution (G-SII)
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22 March 2022: Notification by Bank of Italy on one globally systemically important institution (G-SII)
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22 March 2022: Notification by De Nederlandsche Bank NV on one globally systemically significant institution (G-SII)
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22 March 2022: Notification by the Bank of Croatia on seven other systemically important institutions (O-SII)
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22 March 2022: Notification by Finansinspektionen on four Other Systemically Important Institutions (O-SII)
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22 March 2022: Notification by Bank of Lithuania on Systemic Risk Buffer (SyRB)
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22 March 2022: Notification by Eesti Pank on Systemic Risk Buffer (SyRB)
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22 March 2022: Notification by the Bulgarian National Bank on the Systemic Risk Buffer (SyRB)
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22 March 2022: Notification by Czech National Bank on LTV, DSTI and DTI limits
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22 March 2022: Notification by Financial and Capital Market Commission of Latvia on other borrower-based measure restrictions
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8 December 2021: Notification by National Bank of Slovenia on five other systemically important institutions
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8 December 2021: Notification by De Nederlandsche Bank on five other systemically important institutions (O-SIIs)
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8 December 2021: Notification by FMA on three other systemically important institutions (O-SIIs)
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All publications

30 August 2022 PUBLICATION

Analysis of trade credit insurance

We’ve published our issues note on trade credit insurance. The state aid schemes set up at the start of the pandemic show that governments perceived the lack of trade credit insurance as a potential source of systemic risk. The note identifies possible avenues for policy action.

Issues note

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.