This second volume published by the ESRB High-Level Task Force presents technical analysis on aspects of sovereign bond-backed securities (SBBS) related to risk measurement, contractual features, market intelligence, market design and regulation. It is based on analysis conducted by the Task...

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...

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...

This report was prepared by the ESRB Expert Group on non-performing loans, a substructure under the Advisory Technical Committee, which was mandated to identify macroprudential policy-oriented issues related to non-performing loans (NPLs) and to develop ideas on possible macroprudential...

Financial markets have been adapting to a low interest rate environment and undergoing major structural changes over the past decade. The changes have profoundly affected financial market functioning and structures, creating new vulnerabilities and systemic risks. This report considers the...