Diario Oficial de la Unión Europea del 4/5/2023 - Comunicaciones e Informaciones
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Source: Diario Oficial de la Unión Europea - Comunicaciones e Informaciones
C 158/2
EN
Official Journal of the European Union
4.5.2023
2
The framework on voluntary reciprocity for macroprudential policy measures set out in Recommendation ESRB/2015/2 of the European Systemic Risk Board 6 aims to ensure that all exposure-based macroprudential policy measures activated in one Member State are reciprocated in other Member States.
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Recommendation ESRB/2017/4 of the European Systemic Risk Board 7 recommends the relevant activating authority to propose a maximum materiality threshold when submitting a request for reciprocation to the European Systemic Risk Board ESRB, below which an individual financial service providers exposure to the identified macroprudential risk in the jurisdiction where the macroprudential policy measure is applied by the activating authority can be considered non-material. The ESRB may recommend a different threshold if deemed necessary.
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Decision of the EEA Joint Committee No 79/2019 of 29 March 2019 amending Annex IX Financial services to the EEA Agreement 2019/2133 8 incorporated Directive 2013/36/EU and Regulation EU No 575/2013 into the Agreement on the European Economic Area EEA Agreement with effect from 1 January 2020. Directive EU 2019/878 of the European Parliament and of the Council 9 and Regulation EU 2020/873 of the European Parliament and of the Council 10, which introduced significant amendments to Directive 2013/36/EU and Regulation EU No 575/2013, have been incorporated into the EEA Agreement by Decision of the EEA Joint Committee No 383/2021 of 10 December 2021 amending Annex IX Financial services to the EEA Agreement 11
and by Decision of the EEA Joint Committee No 301/2021 of 29 October 2021 amending Annex IX Financial services to the EEA Agreement 12, respectively. Directive EU 2019/878 and Regulation EU 2020/873 are now applicable in Norway.
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With effect from 31 December 2020, credit institutions authorised in Norway are subject to: i a systemic risk buffer for exposures located in Norway applied at a rate of 4,5 %, pursuant to Article 133 of Directive 2013/36/EU; ii a 20 % floor for exposure-weighted average risk weights for exposures to residential real estate located in Norway, pursuant to Article 4582div of Regulation EU No 575/2013 applicable to credit institutions using the internal ratings-based IRB approach; and iii a 35 % floor for exposure-weighted average risk weights for exposures to commercial real estate located in Norway, pursuant to Article 4582div of Regulation EU No 575/2013
applicable to credit institutions using the IRB approach. The Norwegian authorities provided a phase-in period for the application of the systemic risk buffer for credit institutions that do not use the advanced IRB approach.
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On 2 February 2021, Finansdepartementet the Norwegian Ministry of Finance, acting as the Norwegian designated authority for the purposes of both Article 1331 of Directive 2013/36/EU and Article 4581 of Regulation EU
No 575/2013, submitted to the ESRB a request for reciprocation of the systemic risk buffer rate pursuant to Article 1345 of Directive 2013/36/EU and for the risk weight floors pursuant to Article 4588 of Regulation EU
No 575/2013.
6 Recommendation ESRB/2015/2 of the European Systemic Risk Board of 15 December 2015 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures OJ C 97, 12.3.2016, p. 9.
7 Recommendation ESRB/2017/4 of the European Systemic Risk Board of 20 October 2017 amending Recommendation ESRB/2015/2
on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures OJ C 431, 15.12.2017, p. 1.
8 OJ L 321, 12.12.2019, p. 170.
9 Directive EU 2019/878 of the European Parliament and of the Council of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures OJ L 150, 7.6.2019, p. 253.
10 Regulation EU 2020/873 of the European Parliament and of the Council of 24 June 2020 amending Regulations EU No 575/2013
and EU 2019/876 as regards certain adjustments in response to the COVID-19 pandemic OJ L 204, 26.6.2020, p. 4.
11 Decision of 10 December 2021 not yet published in the Official Journal.
12 Decision of 29 October 2021 not yet published in the Official Journal.
