The European Systemic Risk Board (ESRB) has published 2 recommendations addressed to national and European institutions responsible for implementing macro-prudential policies.

The first recommendation concerns the mandate given by the Capital Requirements Directive IV to the ESRB in the area of counter-cyclical buffer rates for banks’ exposure to jurisdictions outside the European Economic Area. The second recommendation deals with cross-border effects of macro-prudential measures. It sets out the framework for dealing with these cross-border effects and establishes a mechanism for voluntary reciprocity with regard to these measures.

In addition, the ESRB has published the following documents:

  • Decision ESRB/2015/3 on the assessment of the materiality of third countries for the EU’s banking system. This decision sets out a process to identify those third countries to which the EU banking system has material exposures;
  • Decision ESRB/2015/4 on extending the mandate of the ESRB Assessment Team for macro-prudential policy measures to include consideration of counter-cyclical buffer rates for banks’ exposures to third countries and cross-border effects of macroprudential measures; and
  • an amended version of Chapter 11 of the ESRB Handbook on Operationalising
    Macroprudential Policy in the Banking Sector.

View ESRB recommendations and decisions on EU macro-prudential policy framework, 29 January 2016