In accordance with European regulations, in particular Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013, the HCSF may recognise macroprudential measures taken by other national authorities. The HCSF can thus apply measures taken by other authorities to institutions under its jurisdiction.
The reciprocity framework established by the ESRB
The European Systemic Risk Board (ESRB) has established a reciprocity framework so that the national authorities of EU Member States can recognise measures taken by other Member States.
Reciprocity is mandatory and automatic for countercyclical buffer decisions. It is voluntary for other macroprudential measures. In this case, the national authorities submit a request for reciprocity to the ESRB which, if it considers the request justified, recommends that the other authorities adopt the measure, or a measure that is as equivalent as possible (depending on the national powers of the authority that decides to apply reciprocity).
If an authority decides not to recognise a measure, it must explain its decision to the ESRB. These HCSF reciprocity measures are active until the expiry or withdrawal of the equivalent measures concerned in the other Member States.
Reciprocity measures currently applied by the HCSF
- Reciprocity decision n°D-HCSF-2025-2 of 4 march 2025 relating to the reciprocity of the Norwegian systemic risk buffer.
- Reciprocity decision n°D-HCSF-2025-1 of 10 February 2025 relating to the reciprocity of the buffer for Belgian systemic risk.
- Reciprocity Decision n°D-HCSF-2024-1 of 17 October 2024 relating to the reciprocity of the buffer for Italian systemic risk.
- Recommendation n°R-HCSF-2024-1 of 17 October 2024 on the reciprocal application of the systemic risk buffer requirements implemented by the Italian macroprudential authority.
- Reciprocity Decision No D-HCSF-2023-4 of 31 October 2023 on the reciprocity of the measure adopted by the Swedish Financial Supervisory Authority setting risk weight floors for exposures to undertakings located in Sweden secured by a mortgage on commercial or residential real estate.
- Reciprocity Decision No D-HCSF-2022-4 of 15 September 2022 on the reciprocity of the systemic risk buffer adopted by the Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority - BaFin) for exposures secured by residential real estate located in Germany
- Reciprocity Decision No D-HCSF-2022-3 of 15 September 2022 on the reciprocity of the systemic risk buffer adopted by the Central Bank of Lithuania for exposures to retail customers residing in Lithuania secured by residential property
- Reciprocity Decision No D-HCSF-2022-2 of 15 September 2022 on the reciprocity of the Dutch Central Bank's risk weight threshold measure for exposures to natural persons secured by residential real estate located in the Netherlands
- Decision No D-HCSF-2019-5 of 10 July 2019 on the reciprocity of the measure adopted by the Finansinspektionen of risk weight threshold in respect of exposures to retail real estate loans for the purchase of a dwelling located in Sweden
- Decision No D-HCSF-2021-4 of 30 June 2021 on the reciprocity of the measure adopted by the Norwegian Ministry of Finance concerning the risk weighting threshold for exposures to retail real estate loans for the purchase of residential property located in Norway.
- Decision No D-HCSF-2021-5 of 30 June 2021 on the reciprocity of the measure adopted by the Norwegian Ministry of Finance of a risk weight threshold for exposures to companies secured by commercial real estate in Norway
- Recommendation n°R-HCSF-2021-2 of 15 June 2021 on the reciprocity of the regulation of the Commission de surveillance du secteur financier luxembourgeoise of 3 December 2020 setting conditions for the granting of credit relating to residential real estate located on the territory of Luxembourg.
HCSF reciprocity measures that have expired
- Reciprocity Decision No D-HCSF-2022-1 of 15 September 2022 on the reciprocity of the systemic risk buffer adopted by the Nationale Bank van België/Banque Nationale de Belgique for internally rated exposures to retail customers (individuals) secured by residential real estate located in Belgium
- Decision No D-HCSF-2018-6 of 8 October 2018 on the reciprocity of the measure of the Nationale Bank van België/Banque Nationale de Belgique on additional capital requirements for macroprudential risk related to exposures secured by collateral on residential real estate located in Belgium
- Decision No D-HCSF-2016-1 of 15 March 2016 on the reciprocity of the risk overweight measure for exposures to Belgian residential real estate adopted by the National Bank of Belgium
- Recommendation No R-HCSF-2016-1 of 15 March 2016 on the reciprocity of the risk overweight measure for exposures to Belgian residential real estate adopted by the National Bank of Belgium
- Decision No D-HCSF-2016-5 of 1 October 2016 on the reciprocity of the systemic risk buffer rate adopted by Eesti Pank
- Decision No D-HCSF-2018-4 of 29 June 2018 on the reciprocity of the risk weight threshold measure adopted by the Finnish Financial Supervision Authority for exposures to retail real estate loans for the purchase of a home located in Finland
- Decision No D-HCSF-2019-4 of 10 July 2019 on the reciprocity of the systemic risk buffer adopted by Eesti Pank
- Decision No D-HCSF-2021-3 of 30 June 2021 on the reciprocity of the systemic risk buffer adopted by the Norwegian Ministry of Finance