The National Bank of Bulgaria’s Governing Council has informed the European Systemic Risk Board (ESRB) that it does not need to apply voluntary reciprocity to macroprudential measures adopted in Lithuania, Luxembourg, the Netherlands, Sweden, Germany, Norway, Portugal, Italy, Denmark and Belgium. The decision is based on a review of current data indicating that the relevant exposures are immaterial. The review assessed the size of specific cross-border exposures referenced in ESRB Recommendation ESRB/2015/2 on the assessment of cross-border effects and voluntary reciprocity for macroprudential policy measures, and its subsequent amendments, against the disclosed thresholds. The central bank will continue periodic reviews of the relevant exposures to determine whether conditions for voluntary reciprocity are met and whether corresponding measures would need to be introduced.
National Bank of Bulgaria 2025-11-27
National Bank of Bulgaria tells the European Systemic Risk Board it will not introduce voluntary reciprocity for 10 countries’ macroprudential measures
The National Bank of Bulgaria's Governing Council has informed the European Systemic Risk Board that it will not apply voluntary reciprocity to macroprudential measures adopted in several European countries, citing immaterial cross-border exposures. This decision follows a review of exposures against thresholds set in ESRB Recommendation ESRB/2015/2. The central bank will continue periodic reviews to assess the need for future measures.