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Macroprudential measures

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

Under the SSM Regulation (Council Regulation (EU) 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 13(h) 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 7 October 2022

Last update: 19 January 2023

Countercyclical capital buffer

In November 2022 Ireland decided to increase the countercyclical capital buffer from 0.5% (effective from 1 June 2023) to 1%. This increase will take effect from 24 November 2023.  

In November 2022 Estonia decided to increase the countercyclical capital buffer from 1% to 1.5%. This increase will take effect from 1 December 2023. 

In November 2022 Cyprus decided to increase the countercyclical capital buffer from 0% to 0.5%. This increase will take effect from 30 November 2023. 

In December 2022 Croatia decided to increase the countercyclical capital buffer from 0.5% (effective from 31 March 2023) to 1%. This increase will take effect from 31 December 2023.

In December 2022 Slovenia decided to increase the countercyclical capital buffer from 0% to 0.5%. This increase will take effect from 31 December 2023.

In January 2023 France decided to increase the countercyclical capital buffer from 0.5% (effective from 7 April 2023) to 1%. This increase will take effect from 2 January 2024. 

Systemic risk buffer

In December 2022 Austria concluded its reassessment of the applicable systemic risk buffer. As a result, the buffer was introduced for one additional institution (fully phased-in by 1 January 2024) and the rate decreased for another institution.

Other systemically important institutions (O-SIIs) – capital buffers

In November 2022 Estonia concluded its annual reassessment of O-SII buffers, leading to an increase in the buffer rate for one out of four O-SIIs.

In November 2022 Bulgaria concluded its annual reassessment of O-SII buffers, leading to an amendment of the buffer rates for two out of eight O-SIIs.

In November 2022 Croatia concluded its annual reassessment of O-SII buffers, leading to the decrease in a buffer rate for one out of seven O-SIIs.

In November 2022 Portugal concluded its annual reassessment of O-SII buffers, leading to the designation of one additional O-SII. The buffer rate for this additional institution will be fully phased-in by 1 June 2023.

In December 2022 Germany concluded its annual reassessment of O-SII buffers, leading to the designation of two new O-SIIs and to changes in the buffer rates for three out of 16 O-SIIs.

In December 2022 Luxembourg concluded its annual reassessment of O-SII buffers, leading to a reduction in the number of O-SIIs from seven to six institutions. The buffer rates for the remaining institutions stayed unchanged.

In December 2022 Austria concluded its annual reassessment of O-SII buffers, leading to changes in the buffer rates for all nine institutions. All amendments will be fully phased-in as of 1 January 2024.

In December 2022 Lithuania concluded its annual reassessment of O-SII buffers, leading to the designation of one additional O-SII. The buffer rate for this additional institution will be fully phased-in by 1 July 2023.

In December 2022 the ECB revoked the banking license for one of Cyprus’ institutions. This institution is therefore no longer listed as an O-SII.

In December 2022 Latvia concluded its annual reassessment of O-SII buffers, leading to an increase in the buffer rate for one out of five O-SIIs.

Global systemically important institutions (G-SIIs) – capital buffers

No changes in the buffer rates of any G-SII occurred.

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: 19 January 2023

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