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Recommendations

The ESRB issues recommendations for remedial action when significant systemic risks are identified and when action is necessary to address these risks.

Recommendations can be addressed to the EU as a whole or to Member States, the European Commission, the European supervisory authorities or national authorities. The ESRB decides, on a case-by-case basis, whether a recommendation should be made public, bearing in mind that disclosure can help to foster compliance.

The ESRB will then monitor if, and to what extent, the systemic risk is addressed. It also monitors compliance with its recommendations via an “act or explain” mechanism. Further details are available in the Handbook on the assessment of compliance with ESRB recommendations.

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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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)
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)
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)
27 January 2022
Recommendation of the European Systemic Risk Board of 2 December 2021 on a pan-European systemic cyber incident coordination framework for relevant authorities (ESRB/2021/17)
25 January 2022
Recommendation of the European Systemic Risk Board of 2 December 2021 on reform of money market funds (ESRB/2021/9)
18 December 2020
Recommendation of the European Systemic Risk Board of 15 December 2020 amending Recommendation ESRB/2020/07 on restriction of distributions during the COVID-19 pandemic (ESRB/2020/15)
8 December 2020
Recommendation of the European Systemic Risk Board of 4 December 2020 regarding Norwegian notification of its intention to set a systemic risk buffer rate in accordance with Article 133 of Directive (EU) 2013/36/EU (ESRB/2020/14)
30 November 2020
Recommendation of the European Systemic Risk Board of 24 September 2020 on identifying legal entities (ESRB/2020/12)
22 June 2020
Decision of the European Systemic Risk Board on the cancellation of certain reports on actions and measures taken pursuant to Recommendation ESRB/2014/1 and Recommendation ESRB/2015/2 of the European Systemic Risk Board (ESRB/2020/10)
8 June 2020
Recommendation of the European Systemic Risk Board on monitoring the financial stability implications of debt moratoria, and public guarantee schemes and other measures of a fiscal nature taken to protect the real economy in response to the COVID-19 pandemic (ESRB/2020/8)
8 June 2020
Recommendation of the European Systemic Risk Board on restriction of distributions during COVID-19 pandemic (ESRB/2020/7)
8 June 2020
Recommendation of the European Systemic Risk Board on liquidity risks arising from margin calls (ESRB/2020/6)
14 May 2020
Recommendation of the European Systemic Risk Board on liquidity risks in investment funds (ESRB/2020/4)
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)
23 September 2019
Recommendation of the European Systemic Risk Board of 27 June 2019 on medium-term vulnerabilities in the residential real estate sector in Sweden (ESRB/2019/09)
23 September 2019
Recommendation of the European Systemic Risk Board of 27 June 2019 on medium-term vulnerabilities in the residential real estate sector in Finland (ESRB/2019/08)
23 September 2019
Recommendation of the European Systemic Risk Board of 27 June 2019 on medium-term vulnerabilities in the residential real estate sector in the Netherlands (ESRB/2019/07)
23 September 2019
Recommendation of the European Systemic Risk Board of 27 June 2019 on medium-term vulnerabilities in the residential real estate sector in Luxembourg (ESRB/2019/06)
23 September 2019
Recommendation of the European Systemic Risk Board of 27 June 2019 on medium-term vulnerabilities in the residential real estate sector in Denmark (ESRB/2019/05)
23 September 2019
Recommendation of the European Systemic Risk Board of 27 June 2019 on medium-term vulnerabilities in the residential real estate sector in Belgium (ESRB/2019/04)
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
14 February 2018
Recommendation of the European Systemic Risk Board of 7 December 2017 on liquidity and leverage risks in investment funds (ESRB/2017/6)
28 November 2016
Recommendation of the European Systemic Risk Board of 31 October 2016 on closing real estate data gaps (ESRB/2016/14)

Details

This recommendation aims to close remaining data gaps by establishing a more harmonised framework for monitoring developments in real estate markets in the EU. The recommendation provides a common set of indicators that national macroprudential authorities are recommended to monitor when assessing risks originating from the real estate sector, along with working definitions of those indicators.

2 May 2016
Handbook on the assessment of compliance with ESRB recommendations
29 January 2016
Recommendation of the European Systemic Risk Board of 11 December 2015 on recognising and setting countercyclical buffer rates for exposures to third countries (ESRB/2015/1)

Details

This recommendation aims to promote a coherent approach across the Union for recognising and setting countercyclical buffer (CCB) rates for exposures to third countries in order to prevent an uneven playing field and the resulting incentives for regulatory arbitrage. The Recommendation is intended to ensure that designated authorities recognise CCB rates set by third-country authorities, set CCB rates for exposures to third countries and set lower CCB rates when risks in a particular third country abate or materialise.(Recommendation ESRB/2015/1)

29 January 2016
Recommendation of the European Systemic Risk Board of 15 December 2015 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2015/2) – consolidated version
Belgium - Recommendation of the European Systemic Risk Board of 24 March 2016 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2016/3).Estonia - Recommendation of the European Systemic Risk Board of 24 June 2016 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2016/4).Material thresholds - Recommendation of the European Systemic Risk Board of 20 October 2017 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2017/4)Finland - Recommendation of the European Systemic Risk Board of 8 January 2018 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2018/1)Belgium – Recommendation of the European Systemic Risk Board of 16 July 2018 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2018/5)France - Recommendation of the European Systemic Risk Board of 5 December 2018 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2018/8)Sweden - Recommendation of the European Systemic Risk Board of 15 January 2019 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2019/1)Estonia - Recommendation of the European Systemic Risk Board of 2 June 2020 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2020/9)Finland- Recommendation of the European Systemic Risk Board of 22 December 2020 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2020/16)Luxembourg- Recommendation of the European Systemic Risk Board of 24 March 2021 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2021/2)Norway- Recommendation of the European Systemic Risk Board of 30 April 2021 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2021/3)France - Recommendation of the European Systemic Risk Board of 26 July 2021 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2021/6)The Netherlands and Lithuania - Recommendation of the European Systemic Risk Board of 16 February 2022 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2022/1)Recommendation ESRB/2015/2 – Summary Compliance Report (December 2021)Belgium - Recommendation of the European Systemic Risk Board of 30 March 2022 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2022/3)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)Norway - Recommendation of the European Systemic Risk Board of 6 March 2023 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2023/1)Sweden - Recommendation of the European Systemic Risk Board of 06 July 2023 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2023/4)Recommendation ESRB/2015/2 - Summary Compliance Report (September 2023)Belgium - Recommendation of the European Systemic Risk Board of 3 October 2023 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2023/9)
29 January 2016
Decision ESRB/2015/4 on a coordination framework for the notification of national macroprudential policy measures by relevant authorities, the issuing of opinions and recommendations by the ESRB, and repealing Decision ESRB/2014/2
2 June 2015
National competent or designated authorities for CRD IV/CRR instruments and current or future implementation of macroprudential instruments (updated May 2015)
30 June 2014
Recommendation of the European Systemic Risk Board of 18 June 2014 on guidance for setting countercyclical buffer rates (ESRB/2014/1)

Details

This recommendation provides guidance to Member States on setting countercyclical buffer (CCB) rates with the aim of establishing a common approach across the Union. The Recommendation provides designated authorities with principles for assessing and setting CCB rates, and guidance on measuring and calculating the credit-to-GDP gap and on calculating the buffer itself.(Recommendation ESRB/2014/1)

28 January 2014
Decision of the European Systemic Risk Board of 27 January 2014 on a coordination framework regarding the notification of national macro-prudential policy measures by competent or designated authorities and the provision of opinions and the issuing of recommendations by the ESRB (ESRB/2014/2) and associated notification templates
20 June 2013
Recommendation of the European Systemic Risk Board of 4 April 2013 on intermediate objectives and instruments of macro-prudential policy (ESRB/2013/1)

Details

This recommendation sets out the intermediate objectives of macroprudential policy and provides an indicative list of instruments that Member States may assign to relevant authorities to pursue both the ultimate objective and the intermediate objectives of macroprudential policy. It recommends that an overall policy strategy be defined that links the ultimate and intermediate objectives with the application of macroprudential instruments as well as their periodic evaluation. This Recommendation follows up on Recommendation ESRB/2011/3.(Recommendation ESRB/2013/1)

18 February 2013
Recommendation of the European Systemic Risk Board of 20 December 2012 on funding of credit institutions (ESRB/2012/2) and related annex

Details

This recommendation provides guidance to supervisory authorities and the European Banking Authority (EBA) on incentivising sustainable funding structures for credit institutions and mitigating any related systemic risks. The Recommendation requires supervisory and macroprudential authorities to establish a monitoring framework for funding risks and asset encumbrance. It also recommends greater transparency about encumbered assets in the public reporting of banking institutions. Supervisory authorities are requested to identify best practices regarding covered bonds and encourage harmonisation of their national frameworks, while the EBA is recommended to assess whether financial instruments other than covered bonds could also generate encumbrance.(Recommendation ESRB/2012/2)

18 February 2013
Recommendation of the European Systemic Risk Board of 20 December 2012 on money market funds ESRB/2012/1 and related annex

Details

This recommendation aims to reduce the systemic risks arising from money market funds (MMFs). The European Commission is recommended to ensure, through Union legislation, the change of the constant net asset value to a fluctuating net asset value model, the introduction of stricter liquidity requirements, the public disclosure of specific information by MMFs and the adoption of enhanced reporting obligations to supervisory authorities for MMFs.(Recommendation ESRB/2012/1)

18 February 2013
Annex
16 January 2012
Recommendation of the European Systemic Risk Board of 22 December 2011 on the macro-prudential mandate of national authorities (ESRB/2011/3)

Details

This recommendation aims to create effective macroprudential policy in the EU. Member States are recommended to designate a single institution or board that is responsible for the conduct of macroprudential policy at the national level and that has control over the instruments appropriate for achieving its objective. Furthermore, the ESRB recommends that the macroprudential authority should be operationally independent and accountable to the national parliament.(Recommendation ESRB/2011/3)

16 January 2012
Recommendation of the European Systemic Risk Board of 22 December 2011 on US dollar denominated funding of credit institutions (ESRB/2011/2)

Details

This recommendation aims to prevent European banks being dependent on US dollar funding. National supervisory authorities are recommended to take preventive measures by monitoring maturity mismatches between assets and liabilities in US dollars and ensuring that banks have contingency plans in place for their US dollar funding.(Recommendation ESRB/2011/2)

22 November 2011
Recommendation of the European Systemic Risk Board of 21 September 2011 on lending in foreign currencies (ESRB/2011/1)National measures

Details

This recommendation aims to reduce the risks associated with financial institutions lending to households and companies in foreign currency. National supervisory authorities and Member States are recommended to require financial institutions to provide borrowers with adequate information on the risks associated with borrowing in foreign currency. National supervisory authorities are further recommended to monitor whether foreign currency lending is encouraging excessive credit growth and to ensure that financial institutions incorporate the risks associated with lending in foreign currency into their internal risk management.(Recommendation ESRB/2011/1).