National Policy
National macroprudential institutional framework
National macroprudential authorities have been established following the ESRB Recommendation on the macroprudential mandate of national authorities (ESRB/2011/3). In accordance with the Capital Requirements Directive (CRDIV), Member States are also required to have national designated authorities. The ESRB periodically publishes a list of national macroprudential authorities and national designated authorities in EU Member States.
List of national macroprudential authorities and national designated authorities in EU Member States
Macroprudential measures
National authorities are required to notify the ESRB of their macroprudential measures in accordance with the Capital Requirements Directive (CRDIV), the Capital Requirements Regulation (CRR) and various ESRB recommendations.
The ESRB periodically publishes two overviews of macroprudential measures.
The first overview, “Overview of national macroprudential measures”, includes all types of current and past measures. The second overview, “Overview of national capital-based measures”, includes only currently active capital-based measures that apply to the systemically important institutions in a Member State.
Notification templates
National authorities should use the common ESRB/ECB/EBA notification templates when notifying the ESRB of macroprudential measures (including reciprocating measures).
- Template for notification under Article 131 CRD (Global Systemically Important Institutions) - version of 01/03/2016
- Template for notification under Article 131 CRD (Other Systemically Important Institutions) - version of 01/03/2016
- Template for notification under Articles 133 and 134 CRD (Systemic Risk Buffer) - version of 01/03/2016
- Template for notification under Article 136 CRD (Countercyclical Capital Buffer) - version of 01/03/2016
- Template for notification under Article 124 CRR - version of 01/03/2016
- Template for notification under Article 164 CRR - version of 01/03/2016
- Template for notification under Article 458 CRR (national flexibility measure) - version of 01/03/2016
- Template for notifying national macroprudential measures not covered by the CRR and the CRD - version of 01/03/2016
- Template for notifying voluntary reciprocation of other authorities’ macroprudential measures - version of 01/03/2016
Capital conservation buffer
The capital conservation buffer (CCoB) is a capital buffer consisting of 2.5% of a bank’s total exposures. It is met using an additional amount of Common Equity Tier 1 capital.
Countercyclical capital buffer
The countercyclical capital buffer (CCyB) is a macroprudential instrument designed to help counter pro-cyclicality in the financial system.
Systemically important institutions
Global systemically important institutions (G-SIIs) and, subject to national discretion, other systemically important institutions (O-SIIs) must fulfil supplementary requirements concerning the amount of Common Equity Tier 1 capital they are required to hold as a buffer.
Systemic risk buffer
The systemic risk buffer aims to address long-term, non-cyclical systemic risks that are not covered by the Capital Requirements Regulation.
Other macroprudential measures
Other macroprudential measures include those taken under Articles 124 and 164 of the Capital Requirements Regulation (CRR) to target systemic risks in the real estate sector. They also include macroprudential measures that are not harmonised by Union law.
Reciprocation of measures
The reciprocation of macroprudential measures enhances the effectiveness and consistency of macroprudential policy in the EU. It also contributes to a level playing field in the Single Market.