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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 – June 2025
Signs of recovery are now visible in multiple components of the financial cycle. The continuing gradual decline in interest rates has stoked demand for mortgage loans and corporate loans. Nevertheless, uncertainty remains heightened owing to trade policy developments, geopolitical risks, and weakening global demand.
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Macroprudential Commentary – March 2025
The financial cycle is gradually recovering. Lending to households continues to grow, and the housing market is also on an upward trend. However, lending to firms has yet to pick up despite falling interest rates. Heightened uncertainty is preventing a more substantial financial cycle upturn.
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