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 Single Supervisory Mechanism (SSM) Regulation (Council Regulation (EU) No 1024/2013), the ECB is responsible for assessing macroprudential measures adopted by national authorities in the countries participating in European 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.
Measures taken by macroprudential authorities in countries participating in European banking supervision since 1 October 2024
Last updated: 31 December 2024
Countercyclical capital buffer (Article 130 of the Capital Requirements Directive)
In October 2024, Spain announced an increase in the CCyB to 0.5%, applicable as of 1 October 2025.
In October 2024, Greece announced an increase in the CCyB to 0.25%, applicable as of 1 October 2025.
In December 2024, Portugal announced an increase in the CCyB to 0.75%, applicable as of 1 January 2026.
Capital buffers for other systemically important institutions (O-SIIs; Article 131 of the Capital Requirements Directive)
In November 2024, Estonia announced the designation of two additional institutions as O-SIIs, applicable as of 1 January 2025.
In November 2024, Portugal announced an increase in the O-SII buffer rate for one institution, applicable as of 1 January 2025.
In December 2024, Austria announced changes in the O-SII buffer rate calibration for three institutions at the consolidated level and for two institutions at the individual level. The new rates are applicable as of 1 January 2025.
In December 2024, France announced an increase in the O-SII buffer rate for one institution, applicable as of 1 January 2026.
In December 2024, Germany announced changes in the O-SII buffer rate calibration for two institutions. Additionally, one institution has been removed from the list of O-SIIs. The changes are applicable as of 1 January 2025.
In December 2024, Latvia announced a decrease in the O-SII buffer rate for two institutions, applicable as of 16 December 2024.
In December 2024, Slovenia announced an increase in the O-SII buffer rate for one institution, applicable as of 1 January 2026.
Capital buffers for global systemically important institutions (G-SIIs; Article 131 of the Capital Requirements Directive)
In December 2024, France announced an increase in the G-SII buffer rate for one institution, applicable as of 2 January 2026.
Systemic risk buffer (Article 133 of the Capital Requirements Directive)
In November, Lithuania announced the extension of the SyRB applicable to all retail exposures to natural persons that are secured by residential property located in the Member State until 1 November 2026.
In December 2024, Austria announced the extension of the SyRB until 1 September 2026 and the introduction of a 0.5% SyRB rate for one additional institution, applicable as of 1 January 2025.
In December 2024, Croatia announced the extension of the SyRB until 1 January 2027, applicable as of 1 January 2025.
Risk weight requirements (Article 124, Article 458 of the Capital Requirements Regulation)
In October 2024, the Netherlands announced the extension of the application of minimum average risk weights for the calculation of regulatory capital requirements applicable to exposures to natural persons secured by mortgages on residential property located in the Member State. The stricter requirement is applicable to credit institutions using the internal ratings-based (IRB) approach for calculating regulatory capital requirements. The measure is applicable for two years as of 1 December 2024.
In December 2024, owing to the implementation of Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor, Croatia reviewed the discretions granted by Article 124 of the Capital Requirements Regulation regarding the establishment of stricter criteria for exposures secured by mortgages on residential properties and the application of a higher risk weight for exposures secured by mortgages on commercial properties. As a result of the review, Croatia decided to drop two out of the four previously implemented stricter criteria for residential real estate exposures, to adjust to the updated definition of “residential property”, and to revoke the application of the higher (100%) risk weight requirement for commercial real estate exposures. The changes are applicable as of 1 January 2025.
In December 2024, owing to the implementation of Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending Regulation (EU) No 575/2013 as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor, Latvia revoked the application of a higher risk weights on exposures fully and completely secured by mortgages on commercial immovable property registered in the Member State. The change is applicable as of 1 January 2025.
Overview of macroprudential measures implemented in countries participating in European banking supervision that the ECB has been notified of
Below is a list of all the macroprudential measures that the ECB has been notified of that have been implemented or publicly announced in countries participating in European banking supervision.
Last updated: 31 December 2024
Overview of measures that the ECB has been notified of under Article 5 of the SSM Regulation