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Warnings

The ESRB issues warnings on vulnerabilities in the European Union when significant systemic risks to financial stability are identified and when it is necessary to flag such risks.

Warnings can be addressed to the European Union as a whole or to Member States, the European supervisory authorities or national authorities. The ESRB decides, on a case-by-case basis, whether a warning should be made public, bearing in mind that disclosure can help foster compliance. The ESRB will then monitor if, and to what extent, the systemic risk is addressed. Where appropriate, the ESRB will consider issuing a recommendation.

2022

Warning on vulnerabilities in the EU financial system

On 22 September 2022 the ESRB adopted a general warning on vulnerabilities in the financial system, addressed to the European Union and the national supervisory community. The likelihood of tail risk scenarios materialising has significantly increased since the start of 2022. Recent geopolitical developments have exacerbated the situation. The ESRB warning calls for heightened awareness of the risks to financial stability. It emphasises the need for greater resilience in the EU financial sector so that the financial system can support the economy if these risks materialise.

2021

Warnings on medium-term vulnerabilities in the residential real estate sector

On 2 December 2021 the ESRB adopted warnings for five Member States on medium-term vulnerabilities in the residential real estate sector. The Member States were given a period of time to respond to the warnings. Responses received and additional documents were then published on 11 February 2022. Country-specific vulnerability assessments are available in the ESRB’s report on vulnerabilities in the residential real estate sectors of the EEA countries.

29 September 2022
Warning of the European Systemic Risk Board of 22 September 2022 on vulnerabilities in the Union financial system (ESRB/2022/7)
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)
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)
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)
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)
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)
2019

Warnings on medium-term vulnerabilities in the residential real estate sector

On 27 June 2019 the ESRB adopted warnings for five Member States on medium-term vulnerabilities in the residential real estate sector. The Member States were given a period of time to respond, and the warnings, responses received and additional documents were then published on 23 September 2019. The country-specific vulnerability assessments are available in the ESRB Report on vulnerabilities in the residential real estate sectors of the EEA countries.

23 September 2019
Warning of the European Systemic Risk Board of 27 June 2019 on medium-term vulnerabilities in the residential real estate sector in Norway (ESRB/2019/14)
23 September 2019
Warning of the European Systemic Risk Board of 27 June 2019 on medium-term vulnerabilities in the residential real estate sector in Iceland (ESRB/2019/13)
23 September 2019
Warning of the European Systemic Risk Board of 27 June 2019 on medium-term vulnerabilities in the residential real estate sector in France (ESRB/2019/12)
23 September 2019
Warning of the European Systemic Risk Board of 27 June 2019 on medium-term vulnerabilities in the residential real estate sector in Germany (ESRB/2019/11)
23 September 2019
Warning of the European Systemic Risk Board of 27 June 2019 on medium-term vulnerabilities in the residential real estate sector in the Czech Republic (ESRB/2019/10)
2016

Warnings on medium-term vulnerabilities in the residential real estate sector

On 22 September 2016 the ESRB adopted warnings for eight Member States on medium-term vulnerabilities in the residential real estate sector. The Member States were given a period of time to respond, and the warnings, responses received and additional documents were then published on 28 November 2016. The country-specific vulnerability assessments are available in the ESRB report on vulnerabilities in the EU residential real estate sector.

28 November 2016
Warning of the European Systemic Risk Board of 22 September 2016 on medium-term vulnerabilities in the residential real estate sector of the United Kingdom (ESRB/2016/12)
28 November 2016
Warning of the European Systemic Risk Board of 22 September 2016 on medium-term vulnerabilities in the residential real estate sector of Sweden (ESRB/2016/11)
28 November 2016
Warning of the European Systemic Risk Board of 22 September 2016 on medium-term vulnerabilities in the residential real estate sector of the Netherlands (ESRB/2016/10)
28 November 2016
Warning of the European Systemic Risk Board of 22 September 2016 on medium-term vulnerabilities in the residential real estate sector of Luxembourg (ESRB/2016/09)
28 November 2016
Warning of the European Systemic Risk Board of 22 September 2016 on medium-term vulnerabilities in the residential real estate sector of Finland (ESRB/2016/08)
28 November 2016
Warning of the European Systemic Risk Board of 22 September 2016 on medium-term vulnerabilities in the residential real estate sector of Denmark (ESRB/2016/07)
28 November 2016
Warning of the European Systemic Risk Board of 22 September 2016 on medium-term vulnerabilities in the residential real estate sector of Belgium (ESRB/2016/06)
28 November 2016
Warning of the European Systemic Risk Board of 22 September 2016 on medium-term vulnerabilities in the residential real estate sector of Austria (ESRB/2016/05)