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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, p. 56)

Measures taken by macroprudential authorities in countries subject to ECB Banking Supervision since 1 January 2022

Last update: 20 April 2022

Countercyclical capital buffer

In January 2022, Germany decided to raise the countercyclical capital buffer (CCyB) from 0% to 0.75%. This increase will take effect from 1 February 2023.

In March 2022, Croatia decided to raise the CCyB from 0% to 0.5%. This increase will take effect from 31 March 2023.

In April 2022, France decided to raise the CCyB from 0% to 0.5%. This increase will take effect from 7 April 2023.

Sectoral systemic risk buffer

In March 2022, Germany announced the introduction of a sectoral systemic risk buffer of 2% applicable to all exposures – or parts of exposures – to natural and legal persons that are collateralized by residential real estate in Germany. This new buffer must be applied from 1 February 2023.

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 April 2022

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