Diario Oficial de la Unión Europea del 1/2/2023 - Comunicaciones e Informaciones
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Source: Diario Oficial de la Unión Europea - Comunicaciones e Informaciones
EN
1.2.2023
Official Journal of the European Union
C 39/1
I
Resolutions, recommendations and opinions
RECOMMENDATIONS
EUROPEAN SYSTEMIC RISK BOARD
RECOMMENDATION OF THE EUROPEAN SYSTEMIC RISK BOARD
of 1 December 2022
on vulnerabilities in the commercial real estate sector in the European Economic Area ESRB/2022/9
2023/C 39/01
THE GENERAL BOARD OF THE EUROPEAN SYSTEMIC RISK BOARD,
Having regard to the Treaty on the Functioning of the European Union, Having regard to the Agreement on the European Economic Area 1, in particular Annex IX thereof, Having regard to Regulation EU No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board 2, and in particular Article 32b and d and Articles 16 and 18 thereof, Having regard to Decision ESRB/2011/1 of the European Systemic Risk Board of 20 January 2011 adopting the Rules of Procedure of the European Systemic Risk Board 3, and in particular Article 18 to 20 thereof, Whereas:
1
The commercial real estate CRE sector is important for financial stability in the European Economic Area EEA. In some EEA countries, exposures to the CRE sector hereinafter CRE exposures represent a significant share of gross domestic product, as well as of credit institutions and other financial institutions balance sheets. CRE has strong interconnections with both the real economy and the financial system. In addition, the sector is important to many financial market actors, such as investment funds, insurance undertakings, pension funds and credit institutions.
Adverse developments in the CRE sector can have a systemic impact on both the real economy and the financial system.
2
Vulnerabilities related to CRE exposures may vary between different CRE sub-sectors and segments. The European Systemic Risk Board ESRB, in its assessment of vulnerabilities related to CRE in EEA countries, distinguishes primarily between the industrial, office, retail and residential CRE sub-sectors, and the prime and non-prime CRE
segments. Furthermore, the nature of the vulnerabilities varies between the EEA countries, due to, inter alia, the
1 OJ L 1, 3.1.1994, p. 3.
2 OJ L 331, 15.12.2010, p. 1.
3 OJ C 58, 24.2.2011, p. 4.
