The Bank of Spain has decided to reciprocate a Norwegian macroprudential measure that imposes a systemic risk buffer (SyRB). The decision requires Banco Santander, S.A. to meet a SyRB requirement in relation to its exposures located in Norway, effective from 1 September 2025. The reciprocation follows European Systemic Risk Board Recommendation ESRB/2024/7, which relates to Norway’s SyRB measure adopted under Article 133(12) of Directive 2013/36/EU and set at 4.5% on all exposures in Norway. The requirement applies on a consolidated, sub-consolidated and individual basis, irrespective of whether exposures are held via subsidiaries or branches or arise from direct cross-border lending; the ESRB recommendation also includes an institution-specific materiality threshold of NOK 5 billion (EUR 424 million) below which institutions can be exempted. In Spain’s implementation, Banco Santander, S.A. is subject to a 4.5% SyRB rate for all exposures in Norway. The measure was notified to Spain’s macroprudential authority (AMCESFI), which issued a favourable opinion, and the Bank of Spain also notified the ESRB and the European Central Bank.
Bank of Spain 2025-05-08
Bank of Spain reciprocates Norway’s 4.5% systemic risk buffer for Banco Santander’s exposures in Norway from 1 September 2025
The Bank of Spain will reciprocate Norway's systemic risk buffer (SyRB) measure, requiring Banco Santander, S.A. to meet a 4.5% SyRB for exposures in Norway from 1 September 2025. This follows the European Systemic Risk Board's recommendation and applies to all exposures, exempting those below NOK 5 billion (EUR 424 million). The measure has been approved by Spain’s macroprudential authority and communicated to the European Systemic Risk Board and the European Central Bank.