48th meeting of the Financial Market Stability Board
Austria’s Financial Market Stability Board (FMSB) held its 48th meeting on 9 April 2026 to discuss recommendations on the countercyclical capital buffer, adopt its annual report for 2025 and review the macroprudential policy strategy for Austria. The board has also discussed the impact of the war in the Middle East as well as the implications of new technologies for financial stability.
Countercyclical capital buffer (CCyB)
The FMSB advises the Financial Market Authority (FMA) to maintain the CCyB at its current rate of 0% of domestic risk-weighted assets. At the end of 2025, three of the sixteen indicators pointed to increased risks from the financial cycle. However, the two credit-to-GDP gap indicators that carry higher weights in the assessment of such risks remained below the critical thresholds.
For details, see Recommendation FMSB/1/2026. An interactive dashboard showing systemic cyclical risk indicators is available on the OeNB website.
War in the Middle East, artificial intelligence and stablecoins
The FMSB has found that the Austrian financial sector’s direct exposure to the region affected by the war in the Middle East is low. However, the knock-on effects of the war – i.e. dampened economic prospects and rising inflation and interest rates – come with additional risks. The macroprudential capital buffers and the capitalisation of the banking system, which is solid by historical standards, are crucial components for Austrian banks’ resilience to these risks. To maintain the banking sector’s resilience, paying out profits in a prudent manner is key.
Moreover, the board has discussed the implications of new technologies, including artificial intelligence and stablecoins, for financial stability in Austria. Risks stemming from artificial intelligence consist in particular of structural change in the real economy and the financial sector. In addition, there are operational cyber risks and dependencies on a highly concentrated market of providers.
Financial stability risks associated with stablecoins are currently deemed to be low. However, stablecoins are a rapidly growing market, which is why the FMSB will continue to monitor related developments.
2025 annual report
In 2025, the work of the FMSB focused on identifying and addressing systemic risks arising from commercial and residential real estate financing, conducting its annual review of the buffer for other systemically important institutions (O-SII buffer) and setting the countercyclical capital buffer on a quarterly basis.
The FMSB submits its annual report to the Federal Minister of Finance and the Finance Committee of parliament, and subsequently publishes the report on its website.
Macroprudential policy strategy
In this meeting, the FMSB has also discussed and revised its macroprudential policy strategy in cooperation with the FMA and the OeNB. The revisions made to the strategy reflect changes in the legal framework as well as new findings and methods.
The revised version is available on the FMSB website.