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...

Sovereign bond-backed securities (SBBS) are defined as securities with varying levels of seniority backed by a diversified portfolio of euro-denominated central government bonds. Because they are created through private contracts, SBBS do not mutualise sovereign risks, as each government would...

This document presents the ESRB's response to the ESMA consultation on draft guidelines on anti-procyclicality margin measures for central counterparties (CCPs). The ESRB strongly supports ESMA's efforts to improve the measures tackling the procyclicality of CCPs' margins, and welcomes the fact...

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 Recommendations of the European Systemic Risk Board (ESRB) have no legally binding powers but are subject to an "act or explain" regime in accordance with Article 17 of ESRB Regulation. This means that the addressees of the Recommendations are under an obligation to communicate to the ESRB...

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...