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2016

29/12/2016
Notification by De Nederlandsche Bank (the central bank of the Netherlands) on the identification of five other systemically important institutions (O-SIIs)
28/12/2016
Notification by Banca Naţională a României (National Bank of Romania) on the deactivation of the systemic risk buffer
22/12/2016
Working paper no. 33: How does risk flow in the credit default swap market?, by Marco D'Errico, Stefano Battiston, Tuomas Peltonen, Martin Scheicher
22/12/2016
ESRB Risk Dashboard, December 2016 (Issue 18)
Overview noteAnnex IAnnex II
21/12/2016
Working paper no. 32: Financial contagion with spillover effects: a multiplex network approach, by Gustavo Peralta, Ricardo Crisóstomo
21/12/2016
Working paper no. 31: The (unintended?) consequences of the largest liquidity injection ever, by Matteo Crosignani, Miguel Faria-e-Castro, Luís Fonseca
20/12/2016
Notification by Národná banka Slovenska (National Bank of Slovakia) on macroprudential measures related to housing loans
19/12/2016
Notification by Banca Naţională a României (National Bank of Romania) on 11 other systemically important institutions (O-SIIs)
15/12/2016
Notification by the Bundesanstalt für Finanzdienstleistungsaufsicht of Germany (BaFin) on the identification of a global systemically important institution (G-SII)
13/12/2016
Notification by Banca d’Italia on one global systemically important institution (G-SII)
12/12/2016
Notification by Bulgarian National Bank on ten other systemically important institutions (O-SIIs)
09/12/2016
Notification by the Autorité de Contrôle Prudentiel et de Résolution (the Prudential Supervisory and Resolution Authority of France) on six other systemically important institutions (O-SIIs)
07/12/2016
Notification by the Prudential Regulation Authority of the United Kingdom on four global systemically important institutions (G-SIIs)
06/12/2016
Macro-prudential Commentaries, no. 8: Implementation of the countercyclical capital buffer regime in the European Union
06/12/2016
Notification by the Autorité de Contrôle Prudentiel et de Résolution (the Prudential Supervisory and Resolution Authority of France) on four global systemically important institutions (G-SIIs)
02/12/2016
Notification by Hrvatska narodna banka (Croatian national bank) on nine other systemically important institutions (O-SIIs)
02/12/2016
Notification by the Prudential Regulation Authority of the United Kingdom on 16 other systemically important institutions (O-SIIs)
29/11/2016
Notification by the Bundesanstalt für Finanzdienstleistungsaufsicht of Germany (BaFin) on 14 other systemically important institutions (O-SIIs)
28/11/2016
Macroprudential policy issues arising from low interest rates and structural changes in the EU financial system
Annex AAnnex BAnnex CAnnex DAnnex EQuestions & Answers
28/11/2016
Vulnerabilities in the EU residential real estate sector
28/11/2016
ESRB/2016/07 on medium-term vulnerabilities in the residential real estate sector of Denmark
Cover letterResponse
28/11/2016
ESRB/2016/06 on medium-term vulnerabilities in the residential real estate sector of Belgium
Cover letter
28/11/2016
ESRB/2016/05 on medium-term vulnerabilities in the residential real estate sector of Austria
Cover letterResponse
28/11/2016
Recommendation of 31 October 2016 on closing real estate data gaps (Recommendation ESRB/2016/14)
28/11/2016
ESRB/2016/08 on medium-term vulnerabilities in the residential real estate sector of Finland
Cover letterResponse
28/11/2016
ESRB/2016/09 on medium-term vulnerabilities in the residential real estate sector of Luxembourg
Cover letterResponse
28/11/2016
ESRB/2016/10 on medium-term vulnerabilities in the residential real estate sector of the Netherlands
Cover letterResponse
28/11/2016
ESRB/2016/11 on medium-term vulnerabilities in the residential real estate sector of Sweden
Cover letterResponse
28/11/2016
ESRB/2016/12 on medium-term vulnerabilities in the residential real estate sector of the United Kingdom
Cover letterResponse
28/11/2016
Notification by the Central Bank of Malta and the Malta Financial Services Authority on three other systemically important institutions (O-SIIs)
24/11/2016
Notification by Česká národní banka (Czech National Bank) on the identification of seven other systemically important institutions (O-SIIs)
17/11/2016
Working paper no. 30: Exposure to international crises: trade vs. financial contagion, by Everett Grant
14/11/2016
Working paper no. 29: Predicting vulnerabilities in the EU banking sector: the role of global and domestic factors, by Markus Behn, Carsten Detken, Tuomas Peltonen and Willem Schudel
27/10/2016
Notification by Banca d’Italia on three other systemically important institutions (O-SIIs).
25/10/2016
Notification by Eesti Pank on the identification of two other systemically important institutions (O-SIIs)
24/10/2016
ESRB response to the European Commission’s Consultation Document on the Review of the EU Macro-prudential Policy Framework
European Commission - Summary of responses to the Consultation Document
21/10/2016
Notification by Komisja Nadzoru Finansowego (Polish Financial Supervision Authority) on 12 other systemically important institution (O-SIIs)
Bank HandlowyBNP ParibasBank Polskiej SpółdzielczościBank Zachodni WBKGetin Noble BankING Bank ŚląskiPKO Bank PolskimBankBank Polska Kasa OpiekiBank MillenniumRaiffeisen Bank PolskaSGB Bank
20/10/2016
Working paper no. 28: Financial intermediation, resource allocation, and macroeconomic interdependence, by Galip Kemal Ozhan
20/10/2016
Working paper no. 27: (Pro?)-cyclicality of collateral haircuts and systemic illiquidity, by Florian Glaser and Sven Panz
20/10/2016
Working paper no. 26: Using elasticities to derive optimal bankruptcy exemptions, by Eduardo Dávila
12/10/2016
Notification by Central Bank of Ireland on seven other systemically important institutions (O-SIIs)
07/10/2016
Notification by Banco de España on six other systemically important institutions (O-SIIs) and one global systemically important institution (G-SII)
06/10/2016
Market liquidity and market-making
06/10/2016
Preliminary investigation into the potential impact of a leverage ratio requirement on market liquidity
05/10/2016
Notification by Central Bank of Cyprus on six other systemically important institutions (O-SIIs)
04/10/2016
ESRB opinion to ESMA on securities financing transactions and leverage under Article 29 of the SFTR
04/10/2016
Notification by Banka Slovenije (Bank of Slovenia) on recommended LTV and DSTI limits
Annex
03/10/2016
Notification by the Financial and Capital Market Commission of Latvia on six other systemically important institutions (O-SIIs)
29/09/2016
ESRB Risk Dashboard, September 2016 (Issue 17)
Overview noteAnnex IAnnex II
29/09/2016
Notification by Magyar Nemzeti Bank (the central bank of Hungary) on eight other systemically important institutions (O-SIIs).
Template
27/09/2016
Notification by Magyar Nemzeti Bank (the central bank of Hungary) on the timing of the implementation of the systemic risk buffer
26/09/2016
Notification by Magyar Nemzeti Bank (the central bank of Hungary) on the modification of the timing of the systemic risk buffer
22/09/2016
Occasional paper no. 11: Shedding light on dark markets: First insights from the new EU-wide OTC derivatives dataset, by Jorge Abad, Iñaki Aldasoro, Christoph Aymanns, Marco D'Errico, Linda Fache Rousová, et al.
19/09/2016
Working paper no. 25: Macroeconomic effects of secondary market trading, by Daniel Neuhann
19/09/2016
Working paper no. 24: Macroprudential policy with liquidity panics, by Daniel Garcia-Macia and Alonso Villacorta
19/09/2016
Working paper no. 23: Liquidity transformation in asset management: Evidence from the cash holdings of mutual funds, by Sergey Chernenko and Adi Sunderam
19/09/2016
Working paper no. 22: Arbitraging the Basel securitization framework: Evidence from German ABS investment, by Matthias Efing
19/09/2016
Working paper no. 21: ESBies: Safety in the tranches, by Markus K. Brunnermeier, Sam Langfield, Marco Pagano, Ricardo Reis, Stijn Van Nieuwerburgh and Dimitri Vayanos
05/09/2016
ESRB response to the ESMA Consultation Paper on the clearing obligation for financial counterparties with a limited volume of activity
24/08/2016
Notification by Česká národní banka (Czech National Bank) on intended changes to the systemic risk buffer
15/08/2016
Notification by Finanstilsynet of Denmark on the identification of 6 other systemically important institution (O-SIIs)
08/08/2016
Recommendation of 24 June 2016 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2016/4).
08/08/2016
Working paper no. 20: Multiplex interbank networks and systemic importance – An application to European data, by Iñaki Aldasoro and Iván Alves
27/07/2016
EU Shadow Banking Monitor
27/07/2016
Occasional paper no. 10: Assessing shadow banking – non-bank financial intermediation in Europe, by Laurent Grillet-Aubert, Jean-Baptiste Haquin, Clive Jackson, Neill Killeen and Christian Weistroffer
25/07/2016
ESRB Annual Report 2015
25/07/2016
Working paper no. 19: Strategic complementarity in banks’ funding liquidity choices and financial stability, by André Silva
19/07/2016
Macroprudential policy beyond banking: an ESRB strategy paper
15/07/2016
Notification by the Bundesanstalt für Finanzdienstleistungsaufsicht of Germany (BaFin) on the identification of 16 other systemically important institution (O-SIIs).
13/07/2016
Working paper no. 18: Cyclical investment behavior across financial institutions, by Yannick Timmer
12/07/2016
Working paper no. 17: Assessing the costs and benefits of capital-based macroprudential policy, by Markus Behn, Marco Gross and Tuomas Peltonen
04/07/2016
The ESRB publishes an updated overview of measures of macroprudential interest.
01/07/2016
Notification by Banco de Portugal on 6 other systemically important institution (O-SIIs)
30/06/2016
ESRB Risk Dashboard, June 2016 (Issue 16)
Overview noteAnnex IAnnex II
28/06/2016
Working paper no. 16: Bank recapitalizations and lending: A little is not enough, by Timotej Homar
28/06/2016
Working paper no. 15: Credit default swap spreads and systemic financial risk, by Stefano Giglio
28/06/2016
Working paper no. 14: Catering to investors through product complexity, by Claire Célérier and Boris Vallée
15/06/2016
Notification by Česká národní banka on changes in recommended LTV limits
14/06/2016
Notification by Finanssivalvonta (the Finnish Financial Supervisory Authority) on risk weights for housing loans
09/06/2016
Working paper no. 13: Banks' exposure to interest rate risk and the transmission of monetary policy, by Matthieu Gomez, Augustin Landier, David Sraer and David Thesmar
08/06/2016
Notification by Banco de Portugal on the capital conservation buffer
03/06/2016
Working paper no. 12: Extreme risk interdependence, by Arnold Polanski and Evarist Stoja
31/05/2016
Notification by Národná banka Slovenska (National Bank of Slovakia) on 5 other systemically important institution (O-SIIs)
24/05/2016
Adverse scenario for 2016 EIOPA EU-wide insurance corporation stress tests
Details

The ESRB has today published the adverse scenario and the accompanying qualitative questionnaire for the EU-wide stress tests for insurance corporations to be carried out by the EIOPA in 2016. This scenario, which has been approved by the General Board of the ESRB, highlights adverse conditions that are relevant to this sector. This information has also been published by the EIOPA as part of its communication on the 2016 EU-wide stress tests.

QuestionnaireLetter
13/05/2016
A Review of Macroprudential Policy in the EU in 2015
13/05/2016
Letter from Mario Draghi, Chair of the ESRB, to Olivier Guersent, Director General of FISMA at the European Commission, on the possible use of Article 459 of the Capital Requirements Regulation
11/05/2016
Adverse scenario for 2016 ESMA EU-wide central counterparty stress tests.
Details

The ESRB has today published the adverse scenario for the EU-wide central counterparty stress tests carried out by the ESMA in 2016. This scenario, which has been approved by the General Board of the ESRB, highlights adverse conditions that are relevant to this sector.

Letter
02/05/2016
Working paper no. 11: Bank exposures and sovereign stress transmission, by Carlo Altavilla, Marco Pagano and Saverio Simonelli
02/05/2016
Working paper no. 10: Systemic risk in clearing houses: Evidence from the European repo market, by Charles Boissel, François Derrien, Evren Örs and David Thesmar
02/05/2016
Working paper no. 9: Regime-dependent sovereign risk pricing during the euro crisis, by Anne-Laure Delatte, Julien Fouquau and Richard Portes
02/05/2016
Handbook on the assessment of compliance with ESRB recommendations
26/04/2016
Notification by Eesti Pank on two other systemically important institutions (O-SIIs).
26/04/2016
Notification by Eesti Pank on the systemic risk buffer
Analysis
22/04/2016
Recommendation of 24 March 2016 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2016/3).
20/04/2016
Working paper no. 8: Double bank runs and liquidity risk management, by Filippo Ippolito, José-Luis Peydró, Andrea Polo and Enrico Sette
19/04/2016
Notification by Finanzmarktaufsicht of Austria on seven other systemically important institutions (O-SIIs).
12/04/2016
Working paper no. 7: Bail-in expectations for European banks: Actions speak louder than words, by Alexander Schäfer, Isabel Schnabel and Beatrice Weder di Mauro
08/04/2016
Notification by the Prudential Regulation Authority of the United Kingdom on 16 other systemically important institutions (O-SIIs).
04/04/2016
Notification by Commission de Surveillance du Secteur Financier of Luxembourg on the recognition of countercyclical capital buffer rates of other Member States.
31/03/2016
Recommendation of the European Systemic Risk Board of 21 March 2016 amending Recommendation ESRB/2012/2 on funding of credit institutions (ESRB/2016/2).
24/03/2016
Working paper no. 6: Cross-country exposures to the Swiss franc, by Agustín S. Bénétrix and Philip R. Lane
24/03/2016
Working paper no. 5: Securities trading by banks and credit supply: Micro-evidence from the crisis, by Puriya Abbassi, Rajkamal Iyer, José-Luis Peydró and Francesc R. Tous
24/03/2016
ESRB Risk Dashboard, March 2016 (Issue 15)
Overview noteAnnex IAnnex II
23/03/2016
Notification by Magyar Nemzeti Bank (the central bank of Hungary) on the start of operation of a dedicated asset management company.
Template
22/03/2016
Opinion of the European Systemic Risk Board of 18 February 2016 regarding the extension of a stricter Belgian measure based on Article 458 of the CRR (ESRB/2016/1) and related note
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18/03/2016
Notification by Haut Conseil de stabilité financière (France) on the reciprocation of a stricter Belgian measure based on Article 458 of the CRR
17/03/2016
Adverse scenario for EBA 2016 EU-wide banking sector stress tests.
Details

The ESRB has today published the adverse scenario for the EU-wide banking sector stress tests to be carried out by the EBA in 2016. This scenario, which has been approved by the General Board of the ESRB, highlights adverse conditions that are relevant to this sector. This information has also been published by the EBA as part of its communication on the 2016 EU-wide stress test.

Letter
11/03/2016
Working paper no. 4: Capital market financing, firm growth, and firm size distribution, by Tatiana Didier, Ross Levine and Sergio L. Schmukler
11/03/2016
Working paper no. 3: How excessive is banks’ maturity transformation?, by Anatoli Segura and Javier Suarez
23/02/2016
Working paper no. 2: Macroprudential supervision: From theory to policy, by Dirk Schoenmaker and Peter Wierts
23/02/2016
Working paper no. 1: Macro-financial stability under EMU, by Philip R. Lane
11/02/2016
Report of the Advisory Scientific Committee no. 6: Too late, too sudden: Transition to a low-carbon economy and systemic risk
10/02/2016
The ESRB response to ESMA on the temporary exclusion of exchange-traded derivatives from Articles 35 and 36 of MiFIR
29/01/2016
Decision on a coordination framework for the notification of national macroprudential policy measures by relevant authorities, the issuing of opinions and recommendations by the ESRB, and repealing Decision ESRB/2014/2
29/01/2016
Decision on the assessment of materiality of third countries for the Union’s banking system in relation to the recognition and setting of countercyclical buffer rates
29/01/2016
Recommendation on recognising and setting countercyclical buffer rates for exposures to third countries (ESRB/2015/1)
29/01/2016
Recommendation on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2015/2)
26/01/2016
Occasional paper no. 9: Indirect contagion: the policy problem, by Laurent Clerc, Alberto Giovannini, Sam Langfield, Tuomas Peltonen, Richard Portes, et al.
21/01/2016
Notification by Belgium on the extension of a stricter measure based on Article 458 of the CRR.
Template
20/01/2016
Notification by the National Bank of Belgium on a shorter transitional period for the countercyclical capital buffer.
Annex
18/01/2016
ESRB publishes a report on systemic risk implications of CCP interoperability arrangements.
18/01/2016
Notification by Bank of England on the recognition of shorter transitional periods for the capital conservation buffer and the countercyclical capital buffer.
13/01/2016
Notification by Banka Slovenije on eight other systemically important institutions (O-SIIs).
13/01/2016
Notification by Banco de España on six other systemically important institutions (O-SIIs).
Template
06/01/2016
Letter from Stefan Ingves, ATC Chair, to Andrea Enria, EBA Chair, on the consultation regarding the net stable funding ratio.
04/01/2016
ESRB reports on residential and commercial real estate and financial stability in the EU
Report on commercial real estateReport on residential real estate
04/01/2016
ESRB Risk Dashboard, December 2015 (Issue 14)
Overview noteAnnex IAnnex II