Regulatory Alerts2023-03-06
Added · Updated
Recommendation of the European Systemic Risk Board of 6 March 2023 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2023/1)
The European Systemic Risk Board amends Recommendation ESRB/2015/2 to maintain the recommendation for EEA Member States to reciprocate three Norwegian macroprudential measures: a 4.5% systemic risk buffer for all exposures in Norway, a 20% risk weight floor for residential real estate, and a 35% floor for commercial real estate. The materiality threshold for reciprocating the systemic risk buffer is lowered to a risk-weighted exposure amount of NOK 5 billion, and the phase-in period for credit institutions not using the advanced internal ratings-based approach is extended to 30 December 2023. National authorities must implement these reciprocating measures within a standard three-month transition period following the publication of this Recommendation in the Official Journal of the European Union.