46th meeting of the Financial Market Stability Board (FSMB)
The 46th meeting of Austria’s Financial Market Stability Board (FSMB) took place on October 1, 2025. Key topics discussed were the recommendations on the countercyclical capital buffer (CCyB) and the other systemically important institution buffer (O-SII buffer) as well as the start of the evaluation of the sectoral systemic risk buffer for commercial real estate financing. The board has also revised its rules of procedure and expanded the range of information provided under the Austrian Freedom of Information Act (IFG).
Countercyclical capital buffer (CCyB)
The Financial Market Stability Board recommends that the Financial Market Authority (FMA) maintain the countercyclical capital buffer at its current rate of 0% of domestic risk-weighted assets. In determining buffer rates, the board has, for the first time, used a new method developed by the Oesterreichische Na-tionalbank (OeNB). The OeNB presented this method in an April 2025 blog post (in German), providing a comprehensive perspective on cyclical risks. The new method supplements the credit-to-GDP gap, which was previously the key criterion, by incorporating additional indicators about banks, households and com-panies, the macroeconomic situation and financial markets.
For details, see Recommendation FMSB/3/2025. The dashboard of systemic cyclical risk indicators is also available on the OeNB website.
Other systemically important institutions (O-SII) buffer
In its annual evaluation of other systemically important institutions (O-SIIs), the board recommended that the FMA leave unchanged the list of institutions identified as O-SIIs and the O-SII buffer rates. The O-SII buffer reduces the likelihood of a potential malfunction or failure of a systemically important institution and the associated costs for the financial system, the real economy and public budgets.
For details and bank-specific information, see Recommendation FMSB/4/2025.
Commercial real estate financing
At its 42nd meeting in October 2024, the board recommended setting, as a first step, the level of the sectoral systemic risk buffer for commercial real estate financing at 1%. It also advised evaluating the need for further increases once the first reporting data is available after the amended EU Capital Requirements Regulation (CRR III) has come into force. In this evaluation, recent economic developments are taken into account. The OeNB's analyses show that systemic risks continue to exist and that the aggregate capital held against commercial real estate financing exposures has barely increased as a result of CRR III implementation.
The board will conclude the evaluation at its 47th meeting on December 12, 2025, and adopt recommendations if necessary.
Rules of procedure and Freedom of Information Act
The FMSB has revised its rules of procedure, incorporating changes resulting from the Austrian Freedom of Information Act (IFG) as well as the experience gained since the board was established in 2014. The rules of procedure have been published on the FMSB website (in German).
Even before the IFG came into force, the board was committed to increased transparency. Since 2014, it has regularly published press releases, recommendations and other material on its website. After the IFG has taken effect, the FMSB now provides additional information on its website, such as dates of upcoming meetings, the terms of office of board members and reports presented to the board.