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Macroprudential measures

Macroprudential measures aim to increase the financial system’s resilience to shocks by addressing possible systemic risks. Macroprudential authorities monitor the financial system, identifying risks and vulnerabilities, and take measures to ensure financial stability.

Under the SSM Regulation (EU Regulation No 1024/2013), the ECB is responsible for assessing macroprudential measures adopted by national authorities in the countries subject to ECB Banking Supervision.

If necessary to address risks to financial stability, the ECB has the power to apply more stringent measures than those adopted nationally. These powers are based on Article 5 of the SSM Regulation and Article 13h of the Rules of Procedure of the ECB (ECB/2014/1), OJ L 95, 29.3.2014.

Measures taken by macroprudential authorities in countries subject to ECB Banking Supervision since 1 October 2021

last update: 20 January 2022

Countercyclical capital buffer

In December 2021, Bulgaria decided to raise the countercyclical capital buffer (CCyB) to 1.5%, starting from 1 January 2023. This follows an earlier decision to raise it to 1% starting from 1 October 2022.

In November 2021, Estonia decided to raise the CCyB from 0% to 1%, starting from 7 December 2022.

Global systemically important institutions – capital buffers

In November 2021, France concluded its annual reassessment of global systemically important institutions (G-SII) buffers, leading to an increase of the buffers for one out of four G-SIIs.

Other systemically important institutions – capital buffers

In November 2021, Cyprus concluded its annual reassessment of other systemically important institutions (O-SII) buffers, leading to a reduction of the fully phased-in buffers for five out of six O-SIIs. For the four banks that have not yet reached the fully phased-in buffer, 50% of the remaining requirements will be added in 2022 and another 50% in 2023.

In November 2021, Estonia concluded its annual reassessment of O-SII buffers, leading to an increase of the buffers for one out of four O-SIIs.

In October 2021, Germany concluded its annual reassessment of O-SII buffers, leading to the designation of a new O-SII and to changes in the buffers for two out of fourteen O-SIIs.

Sectoral systemic risk buffer

In November 2021, Lithuania introduced a sectoral systemic risk buffer (sSyRB) of 2% for all exposures to retail residential real estate with effect from 1 July 2022. The sSyRB applies to all credit institutions in Lithuania at the highest level of consolidation with more than €50 million in relevant sectoral exposures.

Measures taken under Articles 124 and 458 of the Capital Requirements Regulation

In November 2021, Ireland discontinued the application of higher risk weights to real estate exposures under the standardised approach.

In October 2021, the Netherlands decided to apply a risk weight floor measure on the mortgage loan portfolios of IRB banks, starting from 1 January 2022. For each exposure, a 12% risk weight is assigned to the portion of the loan not exceeding 55% of the collateral’s market value, and a 45% risk weight is assigned to the remaining portion of the loan.

All implemented macroprudential measures that the ECB has been notified of in countries subject to ECB Banking Supervision

Below is a list of all the macroprudential measures that the ECB has been notified of and that have been implemented or publicly announced in countries subject to ECB Banking Supervision.

Overview of measures that the ECB has been notified of under Article 5 of the SSM Regulation last update: 20 January 2022

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