Macroprudential measures

Macroprudential measures aim to increase the financial system’s resilience to shocks by addressing identified systemic risks. Macroprudential authorities monitor the financial system, identifying risks and vulnerabilities, and implement measures to ensure financial stability.

Under the Single Supervisory Mechanism (SSM) Regulation (Council Regulation (EU) No 1024/2013), the ECB is responsible for assessing macroprudential measures adopted by national authorities in the countries participating in European banking supervision.

If necessary to address risks to financial stability, the ECB has the power to apply more stringent measures than those adopted nationally. These powers are based on Article 5 of the SSM Regulation and Article 13h of the Rules of Procedure of the ECB.

Measures taken since 1 October 2025 by macroprudential authorities in countries participating in European banking supervision

Last updated: 31 December 2025

Countercyclical capital buffer (CCyB) – Article 130 of the Capital Requirements Directive

• In October 2025, Spain announced an increase of the CCyB rate to 1%, effective as of 1 October 2026.
• In October 2025, Greece announced an increase of the CCyB rate to 0.5%, effective as of 1 October 2026.
• In November 2025, Belgium announced an increase of the CCyB rate to 1.25%, effective as of 1 July 2026.
• In December 2025, Croatia announced an increase of the CCyB rate to 2%, effective as of 1 January 2027.

Capital buffers for other systemically important institutions (O-SIIs) – Article 131 of the Capital Requirements Directive

• In November 2025, Bulgaria announced an increase of the O-SII buffer rate for one institution, effective as of 1 January 2026.
• In November 2025, Germany announced the designation of one additional institution as an O-SII, effective as of 1 January 2026.
• In November 2025, Ireland announced a decrease of the O-SII buffer rate for one institution, effective as of 17 November 2025.
• In November 2025, Italy announced a decrease of the O-SII buffer rate for one institution, effective as of 1 January 2026.
• In December 2025, Croatia announced an increase of the O-SII buffer rate for one institution and a decrease of the O-SII buffer rate for one institution, effective as of 1 January 2026.
• In December 2025, Cyprus announced an increase of the O-SII buffer rate for three institutions, effective as of 1 January 2026.
• In December 2025, Latvia announced a decrease of the O-SII buffer rate for two institutions. Additionally, two institutions will no longer be designated as O-SIIs. These changes are effective as of 22 December 2025.
• In December 2025, Luxembourg announced the designation of one additional institution as an O-SII, effective as of 1 January 2026.
• In December 2025, the Netherlands announced a decrease of the O-SII buffer rate for one institution, effective as of 3 December 2025. 

Capital buffers for global systemically important institutions (G-SIIs) – Article 131 of the Capital Requirements Directive

• In November 2025, Germany announced a decrease in the G-SII buffer rate for one institution, effective as of 1 January 2026.

Systemic risk buffer (SyRB) – Article 133 of the Capital Requirements Directive

• In November 2025, Belgium announced the deactivation of the sectoral SyRB applicable to all retail exposures to natural persons that are secured by domestic residential property and held by banks using the internal ratings-based approach for calculating their capital requirements. This will be effective as of 1 July 2026.
• In November 2025, Portugal announced the extension of the sectoral SyRB applicable to all retail exposures to natural persons that are secured by domestic residential property and held by banks using the internal ratings-based approach for calculating their capital requirements. This was effective as of 17 November 2025.
• In December 2025, Bulgaria announced the extension of the SyRB applicable to all domestic exposures, effective as of 8 December 2025. 

Overview of macroprudential measures implemented in countries participating in European banking supervision that the ECB has been notified of

Below is a list of all the macroprudential measures that have been implemented or publicly announced in countries participating in European banking supervision and notified to the ECB.

Overview of measures notified to the ECB under Article 5 of the SSM Regulation

Last updated: 31 December 2025