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    ESRB Updates List of Countercyclical Capital Buffers Applicable in EU

    August 22, 2018

    ESRB updated the table showing the countercyclical capital buffer (CCyB) rates applicable in the countries in the Eurosystem. Also updated were 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. On August 21, 2018, the Central Bank of Cyprus (CBC) set the CCyB rate for the period October 01, 2018 to December 31, 2018 at 0% of the total risk exposure amount of each licensed credit institution and each investment firm that:

    • Provides the investment services of dealing on own account or underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis
    • Has not been exempted by the CBC due to its small or medium size

    The countercyclical capital buffer (CCyB) is part of a set of macro-prudential instruments, designed to help counter pro-cyclicality 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.

     

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

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