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  • PUBLICATION
    Recommendation on commercial real estate

    We’ve published a recommendation and a report on vulnerabilities in the commercial real estate sector. We are calling on EU and national authorities to improve their monitoring of systemic risk stemming from this market.

Measures taken in response to coronavirus (COVID-19) pandemic
24 January 2023 Publication

Stabilising financial markets

This Advisory Scientific Committee report looks at how central banks can design enhanced facilities for both lender of last resort and market maker of last resort, if they feel compelled to do so. This could help to maximise the effectiveness of such facilities and minimise any harm.

8 December 2022 Publication

48th meeting of the ESRB General Board

At its meeting on 1 December the General Board assessed the key systemic risks in the European Union and appointed ten experts as members of the Advisory Scientific Committee.

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
29/09/2022
ESRB risk dashboard, September 2022 (Issue 41)
28/09/2022
Corrective regulation with imperfect instruments
28/09/2022
The effect of structural risks on financial downturns
30/08/2022
Issues note on macroprudential aspects of trade credit insurance
15/08/2022
Macroprudential policy and the role of institutional investors in housing markets
15/08/2022
Interbank credit exposures and financial stability
26/07/2022
The macroprudential challenge of climate change
15/07/2022
EU Non-bank Financial Intermediation Risk Monitor 2022
15/07/2022
ESRB Annual Report 2021
01/07/2022
Are fund managers rewarded for taking cyclical risks?
01/07/2022
Housing and credit misalignments in a two-market disequilibrium framework
01/07/2022
Monitoring systemic risks in the EU securitisation market
30/06/2022
ESRB risk dashboard, June 2022 (Issue 40)
01/04/2022
The economics of debt relief during a pandemic: lessons from the experience in Ireland
31/03/2022
Review of the EU Macroprudential Framework for the Banking Sector - Concept Note
31/03/2022
ESRB risk dashboard, March 2022 (Issue 39)
15/03/2022
Fluctuating bail-in expectations and effects on market discipline, risk-taking and cost of capital
11/02/2022
Vulnerabilities in the residential real estate sectors of the EEA countries
27/01/2022
Mitigating systemic cyber risk

All publications

31 January 2023
Macro-financial scenario for the 2023 EU-wide banking sector stress test
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
29 September 2022
Warning of the European Systemic Risk Board of 22 September 2022 on vulnerabilities in the Union financial system (ESRB/2022/7)
6 September 2022
Opinion of the European Systemic Risk Board of 6 September 2022 regarding Dutch 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 of the Council on prudential requirements for credit institutions (ESRB/2022/6)
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Report
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European Commission decision
28 July 2022
Opinion of the European Systemic Risk Board of 28 July 2022 regarding the existing systemic risk buffer pursuant to Article 133 and the Belgian notification of the setting or resetting of O-SII buffer rates pursuant to Article 131 of Directive 2013/36/EU of the European Parliament and of the Council on access to the activity of credit insitutions and the prudential supervision of credit institutions (ESRB/2022/5)
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19 July 2022
Letter on ESRB view on the targeted EMIR review with respect to central clearing in the EU
13 July 2022
Letter on ESRB view regarding data quality issues and risks for financial stability
4 April 2022
Climate scenario for the European Insurance and Occupational Pensions Authority's EU-wide pension and fund stress test in 2022
1 April 2022
ESRB Secretariat’s response to ESMA’s consultation on APC measures for CCPs
1 April 2022
ESRB response letter to the European Commission consultation on the review of the mortgage credit directive
31 March 2022
Review of the EU Macroprudential Framework for the Banking Sector - Response to the call for advice
23 March 2022
Letter to the European Parliament on the AIFMD Review
23 March 2022
Letter to the Council Working Party on the AIFMD Review
23 March 2022
ESRB Response letter to the European Commission targeted consultation on the review of the central clearing framework in the EU
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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14 February 2022
Adverse scenario for the European Securities and Markets Auhtority's money market fund stress testing guidelines in 2021
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)

All publications

11 October 2022
Notification of Magyar Nemzeti Bank on Mortgage Funding Adequacy Ratio
11 October 2022
Notification of Magyar Nezmeti Bank on Foreign Exchange Liquidity Ratio
11 October 2022
Notification of Národná banka Slovenska on recommended DSTI limits, DTI limits and Loan maturity.
11 October 2022
Notification of Banka Slovenije on BBMs
11 October 2022
Notification of Central Bank of Iceland on recommended DSTI and LTV limits
11 October 2022
Notification of Austria Financial Market Authority on recommended DSTI limits, LTV limits and Loan maturity
11 October 2022
Notification of De Nederlandsche Bank on Article 458 RW
11 October 2022
Notification of Národná banka Slovenska on five other systemically important institutions (O-SIIs)
11 October 2022
Notification of Banka Slovenije on six other systemically important institutions (O-SIIs)
11 October 2022
Notification of the Finansinspektionen on four other systemically important institutions (O-SIIs)
11 October 2022
Notification of Financial Market Authority Liechtenstein on three other systemically important institutions (O-SIIs)
11 October 2022
Notification of Magyar Nemzeti Bank on one other systemically important institution (O-SIIs)
11 October 2022
Notification of Bank of Greece on four other systemically important institutions (O-SIIs)
11 October 2022
Notification of Finnish Financial Supervisory Authority on three other systemically important institutions (O-SIIs)
11 October 2022
Notification of Banco de España on four other systemically important institutions (O-SIIs)
11 October 2022
Notification of Finanstilsynet on eight other systemically important institutions (O-SIIs)
14 June 2022
Notification by the Financial Market Authority of Liechtenstein on Systemic Risk Buffer (SyRB)
14 June 2022
Notification by German Federal Financial Supervisory Authority (BaFin) on Systemic Risk Buffer (SyRB)
14 June 2022
Notification by Bank of Slovenia on Systemic Risk Buffer (SyRB)
14 June 2022
Notification by the National Bank of Belgium on Systemic Risk Buffer (SyRB)
14 June 2022
Notification by Bank of Iceland on Systemic Risk Buffer (SyRB)
22 March 2022
Notification by Austrian Financial Market Authority on seven Other Systemically Important Institutions (O-SII)
22 March 2022
Notification by Komisja Nadzoru Finansowego on ten Other Systemically Important Institutions (O-SII)
22 March 2022
Notification by Bank of Cyprus on five Other Systemically Important Institutions (O-SII)
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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19 December 2022 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? Please submit your academic paper by 31 March 2023.

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.