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    ESRB Updates List of Countercyclical Capital Buffers in May 2019

    May 03, 2019

    ESRB updated the list of countercyclical capital buffer (CCyB) rates applicable in countries in the Eurosystem. The countries for which the CCyB information has been updated include Bulgaria and France. The table also contains the CCyB rates that have been announced, but not yet implemented, by the designated authorities.

    As part of the information accompanying the announcement, designated authorities must notify ESRB about each quarterly setting of CCyB rates. CCyB is part of a set of macro-prudential instruments, designed to help counter procyclicality in the financial system. Capital should be accumulated when cyclical systemic risk is judged to be increasing, creating buffers that increase the resilience of the banking sector during periods of stress when losses materialize. This will help maintain the supply of credit and dampen the downswing of the financial cycle. A CCyB can also help dampen excessive credit growth during the upswing of the financial cycle. Certain small and medium-size investment firms are exempt from holding a CCyB in several countries, including Croatia, Cyprus, Luxembourg, Malta, Poland, Slovakia, Sweden, and the United Kingdom. 

     

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    Keywords: Europe, EU, Banking, CCyB, Capital Buffer, Macro-Prudential Instrument, Systemic Risk, ESRB

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