The Bank of Greece published its Q1 2026 assessment of cyclical systemic risks and decided to keep Greece’s countercyclical capital buffer (CCyB) rate unchanged at 0.5%, set at the level of its target positive neutral CCyB rate and applicable from 1 October 2026. It assessed cyclical systemic risks as low and the overall risk environment as standard. The assessment considers the standardised credit-to-GDP gap, the European Systemic Risk Board (ESRB) buffer guide and additional indicators tracking the build-up of cyclical systemic risks. The ESRB buffer guide is “zero”, reflecting a negative credit-to-GDP gap since Q3 2012 and a reading of -21.8 percentage points in Q2 2025. While additional indicators point to emerging risks in areas including credit growth to non-financial corporations, residential real estate prices and the current account, the Bank of Greece concluded there is no excessive credit growth overall. For the period from 1 October 2025 to 30 September 2026, credit institutions are required to maintain a CCyB rate of 0.25%; the maintained 0.5% rate becomes applicable from 1 October 2026.
Bank of Greece 2026-01-15
Bank of Greece keeps the countercyclical capital buffer at 0.5% after assessing cyclical systemic risks as low
The Bank of Greece's Q1 2026 assessment of cyclical systemic risks maintains the countercyclical capital buffer (CCyB) rate at 0.5%, effective from 1 October 2026, citing low systemic risks and a standard risk environment. Despite emerging risks in credit growth and real estate, the overall credit growth is not deemed excessive.