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Responses & Letters

The ESRB may be consulted or requested to provide advice from a macroprudential perspective on selected topics. The ESRB’s response can be issued on the basis of EU legislation or, at the request of an EU institution, on issues with potential implications for financial stability.

25 July 2017
Opinion on a central counterparty recovery and resolution framework
6 March 2017
ESRB Secretariat staff response to to the EIOPA Discussion Paper on the potential harmonisation of recovery and resolution frameworks for insurers
24 October 2016
ESRB response to the European Commission’s Consultation Document on the Review of the EU Macro-prudential Policy Framework
4 October 2016
ESRB opinion to ESMA on securities financing transactions and leverage under Article 29 of the SFTR
5 September 2016
ESRB response to the ESMA Consultation Paper on the clearing obligation for financial counterparties with a limited volume of activity
13 May 2016
Letter from Mario Draghi, Chair of the ESRB, to Olivier Guersent, Director General of FISMA at the European Commission, on the possible use of Article 459 of the Capital Requirements Regulation
10 February 2016
The ESRB response to ESMA on the temporary exclusion of exchange-traded derivatives from Articles 35 and 36 of MiFIR
18 January 2016
ESRB publishes a report on systemic risk implications of CCP interoperability arrangements.
6 January 2016
Letter from Stefan Ingves, ATC Chair, to Andrea Enria, EBA Chair, on the consultation regarding the net stable funding ratio.
29 July 2015
ESRB report on the efficiency of margining requirements to limit pro-cyclicality and the need to define additional intervention capacity in this area (issued within the framework of the EMIR assessment)
29 July 2015
ESRB report on issues to be considered in the EMIR revision other than the efficiency of margining requirements
13 July 2015
ESRB response to ESMA Consultation Paper No. 4 on the clearing obligation for other OTC interest rate derivatives
1 July 2015
Statement on the legal subordination of senior unsecured liabilities made by the Head of the ESRB Secretariat to the Financial Committee of the German Parliament
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6 January 2015
Letter from Mario Draghi, Chair of the ESRB, to Jonathan Faull, Director General of FISMA at the European Commission, on the possible use of Article 459 of the Capital Requirements Regulations
6 November 2014
ESRB response to the ESMA consultation paper on mandatory central clearing for foreign-exchange non-deliverable forward OTC derivatives
25 September 2014
ESRB response to the ESMA consultation paper on mandatory central clearing for OTC credit derivatives
20 August 2014
ESRB response to the ESMA consultation paper on mandatory central clearing for OTC interest rate derivatives
30 April 2014
ESRB response to the call for advice by the European Commission on macro-prudential rules in the CRD/CRR, and the initial call for advice
20 March 2014
Response from the ESRB to the EBA consultation paper on draft guidelines on disclosure of encumbered and unencumbered assets
20 March 2014
Response from the ESRB to the EBA consultation paper on draft guidelines on harmonised definitions and templates for funding plans of credit institutions under ESRB Recommendation 2012/2 A.4
8 July 2013
Letter from Mario Draghi, Chair of the ESRB, to various recipients, concerning considerations on the ESRB review, and accompanying document (Report of the High-Level Group on the ESRB Review)
1 July 2013
Response from the ESRB to the ESMA Consultation Paper on Guidelines on reporting obligations under Article 3 and Article 24 of the AIFMD
28 June 2013
Response from the ESRB to the EBA consultation paper on draft implementing technical standards on asset encumbrance reporting under Article 95 of the draft Capital Requirements Regulation
24 June 2013
ESRB response to the EBA consultation paper on draft implementing technical standards on supervisory reporting on forbearance and non-performing exposures under Article 95 of the draft Capital Requirements Regulation
20 December 2012
ESRB response to the European Commission consultation on a possible recovery and resolution framework for financial institutions other than banks
19 November 2012
Macro-prudential aspects of the reform of benchmark indices: response to a consultation by the European Commission on a possible framework for the regulation of the production and use of indices serving as benchmarks in financial and other contracts
29 August 2012
Advice of the European Systemic Risk Board of 31 July 2012 submitted to the European Securities and Markets Authority in accordance with Article 46(3) of Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories concerning the eligibility of collateral for CCPs (ESRB/2012/3) and accompanying ESRB document: Macro-prudential stance on eligible collateral for central counterparties in response to a consultation by ESMA - based on Article 46 of the EMIR Regulation
29 August 2012
Advice of the European Systemic Risk Board of 31 July 2012 submitted to the European Securities and Markets Authority in accordance with Article 10(4) of Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories concerning the use of OTC derivatives by non-financial corporations (ESRB/2012/2) and accompanying ESRB document: Macro-prudential stance on the use of OTC derivatives by non-financial corporations in response to a consultation by ESMA based on Article 10 of the EMIR Regulation
1 June 2012
The ESRB’s reply to the European Commission's Green Paper on shadow banking
2 April 2012
Principles for the development of a macro-prudential framework in the EU in the context of the capital requirements legislation – a letter from Mario Draghi, Chair of the ESRB, to key EU recipients
30 March 2012
ESRB response to the EBA consultation paper on draft implementing technical standards on large exposures (CP 51)
28 March 2012
ESRB response to the EBA consultation paper on draft implementing technical standards on supervisory reporting requirements for institutions (CP 50)
15 March 2012
ESRB comments on the Proposal for quantitative reporting templates for financial stability purposes in response to a consultation paper of the European Insurance and Occupational Pensions Authority
9 December 2011
Letter from Francesco Mazzaferro, Head of the ESRB Secretariat, to Marco Buti, Director General of the Directorate General Economic and Financial Affairs of the European Commission and related document on the envisaged scoreboard indicators relevant for financial market stability
21 September 2011
ESRB response to the ESMA discussion paper on policy orientations and guidelines for UCITS exchange-traded funds and structured UCITS
21 September 2011
ESRB response to the ESMA consultation paper on guidelines on systems and controls in a highly automated trading environment for trading platforms, investment firms and competent authorities