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Warnings

The ESRB issues warnings when significant systemic risks are identified and when necessary to flag such risks.

Warnings can be addressed to the EU 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 to 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.

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.

Austria

ESRB/2016/05 on medium-term vulnerabilities in the residential real estate sector of Austria

Warning ESRB/2016/05

Cover letterResponse from the Federal Ministry of Finance, Austria
Belgium

ESRB/2016/06 on medium-term vulnerabilities in the residential real estate sector of Belgium

Warning ESRB/2016/06

Cover letter
Denmark

ESRB/2016/07 on medium-term vulnerabilities in the residential real estate sector of Denmark

Warning ESRB/2016/07

Cover letterResponse from the Ministry of Business and Growth, Denmark
Finland

ESRB/2016/08 on medium-term vulnerabilities in the residential real estate sector of Finland

Warning ESRB/2016/08

Cover letterResponse from the Ministry of Finance, Finland
Luxembourg

ESRB/2016/09 on medium-term vulnerabilities in the residential real estate sector of Luxembourg

Warning ESRB/2016/09

Cover letterResponse from the Ministry of Finance, Luxembourg
The Netherlands

ESRB/2016/10 on medium-term vulnerabilities in the residential real estate sector of the Netherlands

Warning ESRB/2016/10

Cover letterResponse from the Ministry of Finance, the Netherlands
Sweden

ESRB/2016/11 on medium-term vulnerabilities in the residential real estate sector of Sweden

Warning ESRB/2016/11

Cover letterResponse from the Ministry of Finance, Sweden
The United Kingdom

ESRB/2016/12 on medium-term vulnerabilities in the residential real estate sector of the United Kingdom

Warning ESRB/2016/12

Cover letterResponse from HM Treasury, the United Kingdom