• Press release
    ESRB General Board meeting in Frankfurt

    The General Board of the European Systemic Risk Board (ESRB) held its 36th regular meeting on 19 December 2019. The General Board discussed the main risks to financial stability in the EU.

9 January 2020 PUBLICATION

2019 ESRB report on margins and haircuts

The new report identifies six policy options designed to mitigate the procyclicality of margin and haircut practices in derivatives markets and securities financing transactions, addressing both cleared and bilateral arrangements.

3 January 2020 RESEARCH

Call for papers: Ieke van den Burg Prize 2020

The ESRB is seeking academic papers related to its mission of preventing and mitigating systemic risks to financial stability. The deadline for submissions is 31 March 2020.

17 January 2020
ESRB response to the EIOPA Consultation Paper on the 2020 review of Solvency II
13 December 2019
Recommendation of the European Systemic Risk Board of 26 September 2019 on exchange and collection of information for macroprudential purposes on branches of credit institutions having their head in another Member State or in a third country (ESRB/2019/18)
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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23 September 2019
ESRB/2019/09 on medium-term vulnerabilities in the residential real estate sector in Sweden
23 September 2019
ESRB/2019/08 on medium-term vulnerabilities in the residential real estate sector in Finland
23 September 2019
ESRB/2019/07 on medium-term vulnerabilities in the residential real estate sector in the Netherlands
23 September 2019
ESRB/2019/06 on medium-term vulnerabilities in the residential real estate sector in Luxembourg
23 September 2019
ESRB/2019/05 on medium-term vulnerabilities in the residential real estate sector in Denmark
23 September 2019
ESRB/2019/04 on medium-term vulnerabilities in the residential real estate sector in Belgium
23 September 2019
ESRB/2019/14 on medium-term vulnerabilities in the residential real estate sector in Norway
23 September 2019
ESRB/2019/13 on medium-term vulnerabilities in the residential real estate sector in Iceland
23 September 2019
ESRB/2019/12 on medium-term vulnerabilities in the residential real estate sector in France
23 September 2019
ESRB/2019/11 on medium-term vulnerabilities in the residential real estate sector in Germany
23 September 2019
ESRB/2019/10 on medium-term vulnerabilities in the residential real estate sector in Czech Republic
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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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)
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
11 April 2019
ESRB Secretariat staff response to Insurance Europe’s position paper on the ESRB report on macroprudential measures in insurance
3 April 2019
Adverse scenario for the ESMA 2019 EU-wide central counterparty stress test

Details

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.

2 April 2019
Adverse scenario for EIOPA 2019 EU-wide stress test of pension funds and ESMA 2019 money market fund stress-testing guidelines

Details

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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20 November 2019
Notification by Komisja Nadzoru Finansowego (KNF) on other systemically important institutions (OSII)
20 November 2019
Notification by the Bulgarian National Bank on on eight other systematically important institutions (O-SIIs)
20 November 2019
Notification by the Bulgarian National Bank on maintain an existing Systemic risk buffer (SRB)
4 October 2019
Notification by Croatian National Bank on the systemic risk buffer (SyRB)
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
18 September 2019
Notification by Magyar Nemzeti Bank (Central Bank of Hungary) on a change in scope of the systemic risk buffer (SyRB)
28 August 2019
Notification by Eesti Pank (Bank of Estonia) on a stricter measure based on Article 458 of the CRR [26 June 2019]
9 August 2019
Notification by Finanstilsynet (Danish Financial Supervisory Authority) on seven other systematically important institutions (O-SIIs)
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
17 July 2019
Notification by the Prudential Regulation Authority of the United Kingdom on the systemic risk buffer
17 July 2019
Notification by Národná banka Slovenska (National Bank of Slovakia) on the systemic risk buffer
17 July 2019
Notification by Magyar Nemzeti Bank (Central Bank of Hungary) on the systemic risk buffer
17 July 2019
Notification by FIN-FSA (the Finnish Financial Supervisory Authority) on maintaining the existing systemic risk buffer
17 July 2019
Notification by Národná banka Slovenska (National Bank of Slovakia) on five other systematically important institutions (O-SIIs)
17 July 2019
Notification by FIN-FSA (the Finnish Financial Supervisory Authority) on three other systemically important institutions (O-SIIs)
17 May 2019
Notification by Central Bank of Malta on borrower-based measures
17 May 2019
Notification by Financial Supervisory Authority of Iceland (FME) on three other systematically important institutions (O-SIIs)
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
28 February 2019
Notification by the Danish Ministry of Industry, Business and Financial Affairs on the systemic risk buffer
28 February 2019
Notification by the Central Bank of Malta and Malta Financial Services Authority on three other systematically important institutions (O-SIIs)
28 February 2019
Notification by the Central Bank of Cyprus on five other systemic important institutions (O-SIIs)
28 February 2019
Notification by the De Nederlandsche Bank N.V. on one global systemic important institutions (G-SII)
14 February 2019
Notification by the Finnish Financial Supervisory Authority (FIN-FSA) regarding change in Nordea G-SII status
14 February 2019
Notification by the Finnish Financial Supervisory Authority (FIN-FSA) on one global systemically important institution (G-SII)
14 February 2019
Notification by Finnish Financial Supervisory Authority (FIN-FSA) on three 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 20 January 2020.

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 29 November 2019.

Multimedia

  • ESRB Annual Report 2018 - cover image

    ESRB Annual Report 2018

  • A Review of Macroprudential Policy in the EU in 2018 - cover image

    A Review of Macroprudential Policy in the EU in 2018

  • Macroprudential approaches to non-performing loans - cover image

    Macroprudential approaches to non-performing loans

  • CCP interoperability arrangements - cover image

    CCP interoperability arrangements