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 July 2023
Last update: 19 October 2023
Countercyclical capital buffer
In September 2023 Belgium decided to increase the CCyB from 0% to 1%. The increase will take effect from 01 October 2024. A buffer rate of 0.5% will take effect from 01 April 2024.
Sectoral systemic risk buffer
In July 2023 France decided to introduce a sectoral systemic risk buffer of 3% for exposures to highly indebted non-financial corporations. The buffer became effective on 01 August 2023.
In September 2023 Belgium decided to adjust the sectoral systemic risk buffer for internal ratings based (IRB) retail exposures secured by residential immovable property for which the collateral is located in Belgium from 9% to 6%. This adjustment will take effect from 01 April 2024.
Other systemically important institutions (O-SIIs) – capital buffers
In July 2023 Cyprus concluded its annual reassessment of O-SII buffers, leading to an increase in the buffer rate for two institutions. All amendments will be fully phased-in as of 01.01.2025.
In July 2023 Spain concluded its annual reassessment of O-SII buffers, leading to an increase in the buffer rate for two institutions. All amendments will be fully phased-in as of 01.01.2024.
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 October 2023