ESRB Warnings and Recommendations
ESRB Warnings
The ESRB issues warnings on vulnerabilities in the European Union when significant systemic risks to financial stability are identified and when it is necessary to flag such risks. Warnings can be addressed to the European Union as a whole or to Member States, the European supervisory authorities or national authorities. The ESRB decides, on a case-by-case basis, whether a warning should be made public, bearing in mind that disclosure can help foster compliance. The ESRB will then monitor if, and to what extent, the systemic risk is addressed. Where appropriate, the ESRB will consider issuing a recommendation.
Warnings
ESRB Recommendations
The ESRB issues recommendations for remedial action when significant systemic risks are identified and when action is necessary to address these risks. Recommendations can be addressed to the EU as a whole or to Member States, the European Commission, the European supervisory authorities or national authorities. The ESRB decides, on a case-by-case basis, whether a recommendation should be made public, bearing in mind that disclosure can help to foster compliance. The ESRB will then monitor if, and to what extent, the systemic risk is addressed. It also monitors compliance with its recommendations via an “act or explain” mechanism. Further details are available in the Handbook on the assessment of compliance with ESRB recommendations.
Recommendations
- Recommendation of ESRB amending Recommendation ESRB/2020/7 on restriction of distributions during the COVID-19 pandemic (external link)
- Recommendation of ESRB on identifying legal entities (external link)
- Decision of the ESRB on the cancellation of certain reports on actions and measures taken pursuant to Recommendation ESRB/2014/1 and Recommendation ESRB/2015/2 of the European Systemic Risk Board (external link)
- Recommendation of ESRB on monitoring the financial stability implications of debt moratoria, and public guarantee schemes and other measures of a fiscal nature taken to protect the real economy in response to the COVID-19 pandemic (external link)
- Recommendation of ESRB on restriction of distributions during the COVID-19 pandemic (external link)
- Recommendation of ESRB on liquidity risks arising from margin calls (external link)
- Recommendation of ESRB on exchange and collection of information for macroprudential purposes on branches of credit institutions having their head office in another Member State or in a third country (external link)
- amending Recommendation ESRB/2016/14 on closing real estate data gaps (external link)
- Decision of the ESRB on the postponement of certain reports on actions and measures taken pursuant to Recommendation ESRB/2014/1 and Recommendation ESRB/2015/2 of the ESRB (external link)
- Recommendation of ESRB on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2015/2) (external link)
- Recommendation of ESRB on recognising and setting countercyclical buffer rates for exposures to third countries (external link)
- Decision of the ESRB on a coordination framework for the notification of national macroprudential policy measures by relevant authorities, the issuing of opinions and recommendations by the ESRB, and repealing Decision ESRB/2014/2 (external link)