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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
ESRB/2016/12 on medium-term vulnerabilities in the residential real estate sector of the United Kingdom
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Response from HM Treasury, the United Kingdom
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28 November 2016
ESRB/2016/11 on medium-term vulnerabilities in the residential real estate sector of Sweden
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Cover letter
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Response from the Ministry of Finance, Sweden
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28 November 2016
ESRB/2016/10 on medium-term vulnerabilities in the residential real estate sector of the Netherlands
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Response from the Ministry of Finance, the Netherlands
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28 November 2016
ESRB/2016/09 on medium-term vulnerabilities in the residential real estate sector of Luxembourg
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Response from the Ministry of Finance, Luxembourg
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28 November 2016
ESRB/2016/08 on medium-term vulnerabilities in the residential real estate sector of Finland
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Response from the Ministry of Finance, Finland
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28 November 2016
ESRB/2016/07 on medium-term vulnerabilities in the residential real estate sector of Denmark
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Response from the Ministry of Business and Growth, Denmark
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28 November 2016
ESRB/2016/06 on medium-term vulnerabilities in the residential real estate sector of Belgium
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28 November 2016
ESRB/2016/05 on medium-term vulnerabilities in the residential real estate sector of Austria
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Response from the Federal Ministry of Finance, Austria
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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
ESRB/2019/14 on medium-term vulnerabilities in the residential real estate sector in Norway
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Cover letter
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Response from the Royal Ministry of Finance, Norway
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23 September 2019
ESRB/2019/13 on medium-term vulnerabilities in the residential real estate sector in Iceland
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Response from the Ministry of Finance and Economic Affairs, Iceland
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23 September 2019
ESRB/2019/12 on medium-term vulnerabilities in the residential real estate sector in France
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Response from the Ministry of Economy and Finance, France
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23 September 2019
ESRB/2019/11 on medium-term vulnerabilities in the residential real estate sector in Germany
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Response from the General Federal Ministry of Finance, Germany
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23 September 2019
ESRB/2019/10 on medium-term vulnerabilities in the residential real estate sector in Czech Republic
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Cover letter
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Response from the Ministry of Finance, Czech Republic
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