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ESRB approves two recommendations that expand the European macroprudential policy framework

Today the European Systemic Risk Board (ESRB) has published two recommendations addressed to the national and European institutions responsible for implementing macroprudential policies.

The first recommendation concerns the mandate given by the Capital Requirements Directive (CRD) to the ESRB in the area of counter-cyclical buffer rates for banks’ exposures to jurisdictions outside the European Economic Area (third countries). Recommendation ESRB/2015/1 of 11 December 2015 is designed to ensure that the same counter-cyclical buffer rate for exposures to a particular third country would typically apply across the Union.

The second recommendation deals with cross-border effects of macroprudential measures. It sets out the framework for dealing with these cross-border effects and establishes a mechanism for voluntary reciprocity with regard to these measures. Recommendation ESRB/2015/2 of 15 December 2015 is intended to cover all macroprudential measures, irrespective of which part of the financial system they address.

In addition, it has published the following documents:

  • Decision ESRB/2015/3 on the assessment of the materiality of third countries for the Union’s banking system. This decision sets out a process to identify those third countries to which the EU banking system has material exposures.
  • Decision ESRB/2015/4 on extending the mandate of the ESRB Assessment Team for macroprudential policy measures to include consideration of counter-cyclical buffer rates for banks’ exposures to third countries and cross-border effects of macroprudential measures
  • An amended version of Chapter 11 of the ESRB Handbook on Operationalising Macroprudential Policy in the Banking Sector.

Finally, in order to publish notifications of counter-cyclical buffer rates set by designated authorities in the EU, as required by Article 136 of the CRD, the ESRB website has been updated. This will enable any interested party to obtain information about the counter-cyclical buffer rates applicable now, as well as those that have been announced and will be applicable in the future.

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European Central Bank

Directorate General Communications

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