ESRB Recommendation ESRB/2024/7 amending ESRB/2015/2 on macroprudential policy reciprocity

The European Systemic Risk Board amends Recommendation ESRB/2015/2 to recommend that relevant authorities reciprocate Norway's 4.5% systemic risk buffer on a consolidated, sub-consolidated, and individual basis. This recommendation applies to exposures located in Norway, including those held through subsidiaries, branches, or direct cross-border lending, to limit regulatory arbitrage. A standard three-month transition period applies for national authorities to adopt or amend reciprocating measures, with an equivalent NOK 5 billion materiality threshold established for the buffer.

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This document amends: Recommendation on the assessment of cross-border effects and voluntary reciprocity for macroprudential policy measures

Source: European Systemic Risk Board — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works