The European Systemic Risk Board (ESRB) can issue warnings and recommendations to the EU Member States and national supervisory authorities, among others when having identified significant risks to the European financial system. In the event of ESRB warnings or recommendations addressed to the Republic of Austria or the Financial Market Authority (FMA), it is also the task of the FMSB to provide guidance on the measures that should be taken in response these warnings and recommendations.
On its website, the ESRB provides information on all macroprudential measures notified to the ESRB and all related commentaries and recommendations.
To provide guidance on the operational aspects of macroprudential supervision, the ESRB has published relevant information.
- The “ESRB Flagship Report on Macro-Prudential Policy in the Banking Sector” provides a first overview.
- The “ESRB Handbook on Operationalising Macro-prudential policy in the Banking Sector” provides guidance for the use of macroprudential tools.
The ESRB has also agreed on a coordination framework regarding the notification of national macroprudential policy measures by competent or designated authorities and on the provision of opinions and the issuing of recommendations by the ESRB.
Within the framework of the Single Supervisory Mechanism (SSM), the European Central Bank may, if necessary, require credit institutions to hold higher capital buffers than those imposed by the national authorities of the participating EU Member States.
The EBA publishes changes in risk weights or stricter criteria for exposures secured by immovable property (in line with Article 124 (2) CRR) as well as changes to minimum loss-given default (LGD) for retail exposures secured by residential or commercial immovable property (in line with Article 164 (5) CRR), as notified by the competent authorities to the EBA for consultation.
The IMF regularly publishes documents related to macroprudential supervision. Moreover, macroprudential supervision is an integral part of its Article IV staff reports and of its Financial Sector Assessment Programs (FSAP).