Diario Oficial de la Unión Europea del 31/8/2023 - Comunicaciones e Informaciones
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Source: Diario Oficial de la Unión Europea - Comunicaciones e Informaciones
C 307/2
EN
Official Journal of the European Union
31.8.2023
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.
4
With effect from 31 December 2018 credit institutions authorised in Sweden using the internal ratings-based IRB
approach for calculating regulatory capital requirements are subject to a credit institution-specific floor of 25 % for the exposure-weighted average of the risk weights applied to the portfolio of retail exposures to obligors residing in Sweden secured by immovable property in accordance with Article 4582div of Regulation EU No 575/2013.
This stricter national measure applies until 31 December 2023 and the General Board of the ESRB decided on 15 January 2019 8 to include this stricter national measure in the list of macroprudential policy measures that are recommended to be reciprocated under Recommendation ESRB/2015/2.
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With effect from 30 September 2023, credit institutions authorised in Sweden using the IRB approach for calculating regulatory capital requirements are subject to a credit institution-specific minimum level floor of 35 %
for the exposure-weighted average of the risk weights applied to the portfolio of certain corporate exposures in Sweden secured by immovable commercial properties and to a credit institution-specific minimum level floor of 25 % for the exposure-weighted average of the risk weights applied to the portfolio of certain corporate exposures in Sweden secured by immovable residential properties, in accordance with Article 4582div of Regulation EU
No 575/2013. The stricter national measure should apply for two years, with the possibility of being extended, or if earlier until the macroprudential or systemic risks cease to exist.
6
On 12 May 2023, Finansinspektionen the Swedish Financial Supervisory Authority submitted a request to the ESRB
to recommend the reciprocation of the aforementioned macroprudential policy measure pursuant to Article 4588
of Regulation EU No 575/2013. In order to prevent the materialisation of negative cross-border effects in the form of leakages and regulatory arbitrage that could result from the implementation of the macroprudential policy measure applied in Sweden in accordance with Article 4582div of Regulation EU No 575/2013, the General Board of the ESRB has decided to include this measure in the list of macroprudential policy measures that are recommended to be reciprocated under Recommendation ESRB/2015/2.
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The General Board of the ESRB has also decided to recommend a maximum institution-specific materiality threshold of SEK 5 billion to steer the application of the de minimis principle by the reciprocating Member State.
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This amendment to Recommendation ESRB/2015/2 does not affect the continuity of recommending the reciprocation of the national macroprudential measures activated by the Swedish authorities on 31 December 2018
and recommended by the ESRB for reciprocation in Recommendation ESRB/2019/1.
9
Therefore, Recommendation ESRB/2015/2 should be amended accordingly,
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 Recommendation ESRB/2019/1 of the European Systemic Risk Board of 15 January 2019 amending Recommendation ESRB/2015/2
on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures OJ C 106, 20.3.2019, p.1.
