The Bank of Portugal has decided to exempt Portuguese credit institutions from reciprocating a macroprudential measure activated by Austria’s Financial Market Authority under Article 133 of Directive 2013/36/EU, on the basis that the relevant exposures are non-material for Portuguese institutions. The Austrian measure applies a 1% sectoral systemic risk buffer to exposures to non-financial corporations in the construction and real estate sector located in Austria, excluding limited-profit housing associations. The exemption was adopted under the de minimis principle in the European Systemic Risk Board Recommendation ESRB/2015/2, as amended by Recommendation ESRB/2025/10, and will remain in force while the Austrian measure is in place and each affected Portuguese institution’s exposures remain below the materiality threshold set by the Austrian macroprudential authority. The Bank of Portugal also published a document outlining both the Austrian authority’s rationale for the measure and the rationale for granting an exemption from reciprocity.
Bank of Portugal 2026-02-26
Bank of Portugal exempts Portuguese credit institutions from reciprocating Austria’s 1% sectoral systemic risk buffer
The Bank of Portugal has exempted Portuguese credit institutions from reciprocating Austria's 1% sectoral systemic risk buffer on construction and real estate exposures, citing non-material exposure levels. This exemption aligns with the de minimis principle under the European Systemic Risk Board Recommendation and remains effective as long as exposures stay below the Austrian materiality threshold. A document detailing the rationale for both measures has been published.