The Central Bank of Iceland has published the minutes of the Financial Stability Committee’s meeting held on 26 November and 2–3 December 2024, setting out the Committee’s discussion of the main risks to financial stability and its review of countercyclical capital buffer (CCyB) policy, including the neutral buffer rate. The minutes show the Committee covered economic developments; risks in the operations of financial institutions and the financial system; developments in domestic financial markets; household and corporate debt; the real estate market; the efficacy of borrower-based measures; and financial institutions’ capital and liquidity. Global uncertainties and operational security in payment intermediation were also discussed.