Recommendation (FMSB/3/2026): guidance on applying the countercyclical capital buffer

The Financial Market Stability Board (FMSB) advises the Financial Market Authority (FMA), in line with Article 23a para. 1 Austrian Banking Act, to leave the countercyclical capital buffer (CCyB) unchanged at a rate of 0% of risk-weighted assets.

As of 31 June 2026, 3 of 16 indicators pointed to cyclical risks, two of which relate to the banks dimension – excess capital and liquidity buffer quality. The banking system continues to hold an above-average level of free capital and highly liquid assets, which points to increased cyclical risks particularly in conjunction with strong credit growth. In addition, the financial market stress indicator signalled elevated cyclical risks at the 30 June 2026 reference date. Both the capital surplus and stress indicators have remained close to their respective thresholds since the last analysis. The two gap indicators for credit volume and new lending are below their thresholds. Economic growth remains moderate. New lending has picked up somewhat since March 2026 (+39% year on year as of 30 June 2026) but is still at a moderate level.

Overall, these developments do not indicate imminent cyclical risks as of 30 June 2026.

An interactive dashboard showing systemic cyclical risk indicators is available on the OeNB website.