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    CSSF Law Transposes CRD5 and BRRD2, Implements CRR2

    May 25, 2021

    CSSF published a Law dated May 20, 2021 that transposes the fifth Capital Requirements Directive (CRD5) and the second Bank Recovery and Resolution Directive (BRRD2) as well as implements the revised Capital Requirements Regulation (CRR2). It also amends the Law dated December 18, 2015 on resolution, reorganization, and liquidation measures for credit institutions and certain investment firms as well as deposit guarantee and investor compensation systems. In addition, CSSF published Circular 21/772, which amends Circular 18/703, on the introduction of a semi-annual reporting of borrower-related residential real estate indicators. Circular 21/772 also updates the data collection template and becomes applicable as of its publication date.

    The objective of the circular is to introduce a macro-prudential risk monitoring framework for the residential real estate sector in Luxembourg, based on a recommendation by ESRB. The report aims to collect indicators on lending standards in the residential real estate market. The circular introduces definitions of these indicators that are collected via a dedicated template. The scope of the data collection refers to loans taken to purchase residential real estate in Luxembourg and loans that are secured by real estate collateral located in Luxembourg. This circular specifies the residential real estate data that will be collected through a dedicated residential real estate data template. The data will be collected by the CSSF semi-annually in the months of April and October each year. The reference date for the data collection will be the December 31 and June 30 respectively. Lenders that are active in the residential real estate sector are expected to be able to produce the requested data at a semi-annual frequency. 


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    Effective Date: May 10, 2021 (Circular 21/772)

    Keywords: Europe, Luxembourg, Banking, Reporting, CRR2, CRD5, BRRD2, Basel, Investment Firms, Residential Real Estate, Data Collection, Credit Risk, CSSF

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