This paper describes the new European Systemic Risk Board (ESRB) database that contains information about the macroprudential measures applied by the authorities in the Member States of the European Union and in two countries of the European Economic Area. The database currently covers mainly...

The regulatory risk-free yield curve has a direct impact on the behaviour of insurers. It affects their provisioning and may influence hedging and investments choices. As a result, its design and derivation from market data are important. This report considers the macroprudential consequences of...

This report considers the use of margins and haircuts to meet macroprudential objectives. It (i) explains the need for macroprudential policies to mitigate systemic risk from excessive leverage and procyclicality in collateral requirements; (ii) sets out how margins and haircuts could, in...

This Handbook aims to assist macro-prudential authorities in the European Union (EU) to operationalise instruments set out in the new prudential rules for the EU banking sector. While the rules - commonly referred to as the Capital Requirements Directive (CRD) and the Capital Requirements...

The ESRB Handbook on Operationalising Macroprudential Policy in the Banking Sector (ESRB (2014a)) provides detailed guidance to macroprudential authorities in the European Union (EU) on how to design and implement macroprudential policy for the banking sector. It is not binding on...

This Handbook aims to assist macroprudential authorities in the European Union (EU) to operationalise instruments set out in the prudential rules for the EU banking sector. While some of the rules - commonly referred to as the Capital Requirements Directive (CRD IV) and the Capital Requirements...

The ESRB welcomes the European Commission's intention from 2016 of reviewing the existing macroprudential framework and stresses that the proposed removal of Pillar 2 from the macroprudential framework needs to be balanced by enhancing flexibility in other macroprudential instruments. The ESRB...

The current macro-financial environment is characterised by exceptionally low, and even negative, nominal interest rates, which can have both a positive and a negative impact on the financial system and the economy. This report, in accordance with the mandate of the Task Force, discusses the...