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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.

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Macroprudential Commentary – December 2023

The credit market has stabilised. The financial cycle’s cooling phase continues, but it should not become more pronounced going forward. Housing prices are falling more moderately than they were early in the year. Banks are doing well on the profit front and have slightly increased their capital adequacy. The CCyB rate does not need to be adjusted.

  • Macroprudential Commentary – September 2023

    The financial cycle has cooled. Loan growth is no longer decelerating, while mortgage origination is down by one-third compared with the previous three years. This is due to reduced demand, whose impact is also seen in declining housing prices. Banks remain well capitalised and soundly profitable. There is no need to adjust the CCyB rate.