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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.

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
ESRB/2016/06 on medium-term vulnerabilities in the residential real estate sector of Belgium
28 November 2016
ESRB/2016/05 on medium-term vulnerabilities in the residential real estate sector of Austria
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 Germamy (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)