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Macroprudential Commentary
An overview of current trends with an emphasis on cyclical risks. It supports decisions on the setting of the countercyclical capital buffer rate.
Macroprudential Commentary – December 2025
The financial cycle continues to recover. In the third quarter of 2025, its upswing was driven mainly by the credit market. The ongoing recovery is not associated with an excessive build-up of risks, nor are newly originated loans showing increased riskiness. At the same time, however, the future outlook remains subject to heightened uncertainty. Banks have sufficient capital, and the countercyclical capital buffer rate remains unchanged.
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Macroprudential Commentary – September 2025
The financial cycle continues to recover, driven mainly by the credit market. The upturn is not associated with an excessive build-up of risks. Nevertheless, uncertainty about the economic outlook, both domestically and abroad, remains elevated. Banks continue to be profitable and well capitalised. The countercyclical capital buffer rate is unchanged.
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