(1)

In order to ensure effective and consistent national macroprudential policy measures, it is important to complement the recognition required under Union law with voluntary reciprocity.

(2)

The framework on voluntary reciprocity for macroprudential policy measures set out in Recommendation ESRB/2015/2 of the European Systemic Risk Board (5) aims to ensure that all exposure-based macroprudential policy measures activated in one Member State are reciprocated in other Member States.

(3)

On 20 March 2026 the Austrian Financial Market Authority (FMA), acting as the designated authority for the purposes of Article 133(9) of Directive 2013/36/EU, notified the European Systemic Risk Board (ESRB) of its intention to change the level of the existing sectoral Systemic Risk Buffer (sSyRB) for all relevant exposures to non-financial corporations in the construction and real estate sector located in Austria, identified on the basis of the statistical classification of their economic activities set out in Regulation (EC) No 1893/2006 of the European Parliament and of the Council (6), with the exception of limited-profit housing associations. The measure will be implemented in two stages, an initial increase of the sSyRB rate of 2 % of the relevant risk-weighted exposures, effective as of 1 July 2026 until 30 June 2027, followed by an increase to a rate of 3,5 % as of 1 July 2027.

(4)

The notification by the FMA also requested the ESRB to recommend the reciprocation of the sSyRB rate at a consolidated, sub-consolidated and individual basis, pursuant to Article 134(5) of Directive 2013/36/EU, in line with the levels of application in Austria.

(5)

Recommendation ESRB/2015/2 recommends that the relevant authority activating a macroprudential policy measure should, when submitting a request for reciprocation to the ESRB, propose a maximum materiality threshold below which an individual financial service provider’s exposure to the identified macroprudential risk – in the jurisdiction where the macroprudential policy measure is applied by the activating authority – can be considered non-material. The ESRB may recommend a different threshold if deemed necessary. The institution-specific materiality threshold for reciprocating the sSyRB is set at EUR 100 million and it should be applicable on a consolidated, sub-consolidated and individual basis.

(6)

The reciprocation of macroprudential capital requirements activated by authorities of other Member States, on a consolidated, sub-consolidated and individual basis, irrespective of whether the exposures concerned are held through subsidiaries or branches, or result from direct cross-border lending, limits leakages and regulatory arbitrage, tackles systemic risks and thus promotes the overall effectiveness of macroprudential policy. It achieves this by ensuring that increased risks are addressed not only in the Member State that has introduced the sSyRB but also in other Member States where banking groups are exposed to those increased risks. Recognition should therefore also aim to ensure that banking groups exposed to those systemic risks are sufficiently resilient. Therefore, macroprudential capital requirements stemming from a decision to recognise other Member States’ macroprudential policy measures should in general be applied on a consolidated, sub-consolidated and individual basis.

(7)

To recognise the Austrian sSyRB rate as requested by the FMA, the relevant competent and/or designated authorities of another Member State may set a sSyRB rate in accordance with Articles 133(4) and 134(1) of Directive 2013/36/EU.

(8)

Therefore, Recommendation ESRB/2015/2 should be amended accordingly,