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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.

Publications, Macroprudential Commentary

Macroprudential Commentary – June 2026

The financial cycle is no longer in an upswing. Uncertainty and elevated risks persist, holding back a renewed upturn. Banks nevertheless continue to be resilient and profitable. The countercyclical capital buffer (CCyB) rate remains unchanged..

  • Macroprudential Commentary – March 2026

    The financial cycle came to the end of its one-and-a-half-year upswing phase at the end of 2025. The subsequent period is expected to see a neutral phase. The current development is characterized by rising uncertainty. In this environment, it is appropriate to maintain the existing countercyclical capital buffer.