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2026-05-15•Finland•Finanssivalvonta
Finland's Financial Supervisory Authority has imposed a EUR 400,000 penalty on Oma Savings Bank Plc for breaches of insider list requirements under the EU Market Abuse Regulation. The authority found that the bank failed to draw up, update and complete insider lists in connection with inside information disclosed in June 2021 and May 2022, and calibrated the sanction to the nature, extent and duration of the omissions. The decision is not yet legally binding and may be appealed to the Helsinki Administrative Court.
EnforcementInvestigations & enforcement actionsMarket abuse
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2026-05-15•United States•Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency issued two final rules clarifying that national banks and federal savings associations may establish and maintain real estate lending escrow accounts and set their terms, including decisions on interest payments and related fees. The second rule determines that federal law preempts New York’s interest-on-escrow law and substantively equivalent laws in 13 other states and territories, aligning with a recent U.S. Court of Appeals for the Second Circuit decision.
Policy & regulationRules & requirementsLending
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2026-05-15•Greece•Ministry of National Economy and Finance (Greece)
The Greek Ministry of National Economy and Finance defended the government’s distressed debt management, highlighting a reduction in nonperforming loans to EUR 72.6 billion from EUR 99.7 billion in 2018 and a fall in banks’ nonperforming exposure ratio to 3.3%. It credited the Hercules programme with cleaning up bank balance sheets and supporting Greece’s return to investment grade, and reported average monthly debt restructurings of EUR 330 million over the past six months, expanded primary residence protections, and new relief options for Swiss franc borrowers.
Data & statisticsCredit riskAsset quality
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2026-05-15•United States•Federal Reserve Board
The Federal Reserve Board approved the application by the Stephen M. Calk 2025 Trust of Houston, Texas, to become a savings and loan holding company by acquiring National Bancorp Holdings, Inc. The transaction includes indirect acquisition of The Federal Savings Bank, both entities based in Chicago, Illinois.
SupervisionAuthorisations & approvalsLicence approval
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2026-05-15•United States•Federal Reserve Board
The Federal Reserve Board stated it does not object to United Texas Bank converting from a state member bank supervised by the Federal Reserve into a national bank supervised by the Office of the Comptroller of the Currency. The Board noted that under the Dodd-Frank Act it must not object to such conversions when certain enforcement actions apply, and confirmed it did not object to the Office of the Comptroller of the Currency’s supervisory plan addressing the underlying enforcement matters.
SupervisionAuthorisations & approvalsLicence withdrawal
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2026-05-15•United States•Federal Reserve Board
The Federal Reserve Board has named Jerome H. Powell chair pro tempore as a temporary transition measure as his term as chair concludes. He will serve in this role until Kevin M. Warsh is sworn in as the new chair.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2026-05-15•United States•New York State Department of Financial Services
The New York State Department of Financial Services will implement legislation reducing reliance on federal Advisory Committee on Immunization Practice recommendations by requiring insurers to cover vaccines recommended either by ACIP or by the Commissioner of Health under generally accepted medical standards. A companion bill removes ACIP references from multiple state laws, updates immunization requirements and coverage provisions, and authorizes pharmacists to administer COVID-19 vaccines to children aged two and older.
Policy & regulationRules & requirementsOther
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2026-05-15•Romania•National Bank of Romania
National Bank of Romania kept the policy rate at 6.50 % (deposit 5.50 %, Lombard 7.50 %) and reserve ratios unchanged, citing April headline CPI of 10.71 %—well above the 1.5–3.5 % target—despite a 0.2 % q/q GDP contraction in Q1. The central bank expects inflation to peak in Q2 2026 and return to target by Q3 2027, pledging vigilance amid energy-price shocks, Middle East tensions and external policy shifts.
Monetary policyPolicy rate decisionsMonetary policy decisions and developments
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2026-05-15•United States•National Credit Union Administration
The National Credit Union Administration has issued a Notice of Proposed Rulemaking to establish operational and risk management standards for NCUA-licensed permitted payment stablecoin issuers under the GENIUS Act. The framework would apply to credit union-linked stablecoin issuers overseen by the agency and is designed to align with standards proposed for bank subsidiaries so credit unions are not placed at a competitive disadvantage.
Policy & regulationRules & requirementsStablecoins
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2026-05-15•Brazil•Central Bank of Brazil
The Central Bank of Brazil outlined its contributions to Brazil’s 13th National Financial Education Week, focused on financial education and long-term prosperity. It will host an in-person event on women’s financial citizenship and wellbeing and will launch an updated Financial Citizenship Portal with simpler language, a modernised design and more practical guidance.
Financial literacy & educationFinancial literacy and education
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2026-05-15•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority has announced the termination, effective 15 February 2026, of Mr Jason William Gibson’s accreditation as the representative of Quox Capital Ltd under a Securities Dealer’s Representative Licence. The authority stated that the notice is for information and public awareness only and does not constitute an enforcement action or adverse determination.
SupervisionAuthorisations & approvalsLicence withdrawal
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2026-05-15•Seychelles•Seychelles Financial Services Authority
The Seychelles Financial Services Authority has announced the termination, effective 18 February 2026, of Christopher Albert Drummond’s accreditation as a representative of Pepperstone International Markets Limited under a Securities Dealer’s Representative Licence. The authority stated that the notice is for information only and does not constitute an enforcement action or adverse determination.
SupervisionAuthorisations & approvalsLicence withdrawal
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2026-05-15•Seychelles•Central Bank of Seychelles
The Central Bank of Seychelles has begun strengthening its strategic foresight capacity through a one-day workshop with United Nations partners to support longer-term planning and more forward-looking policies. Training for 31 staff focused on emerging risks, early signals and drivers of change, and introduced tools such as signal scanning, scenario development, futures thinking and backcasting. The bank said the workshop will help embed strategic foresight in planning and decision-making as it implements its 2024-2028 Strategic Plan and considers priorities beyond the current cycle.
Institutional developmentCooperation & capacity buildingCapacity building
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2026-05-15•Uruguay•Central Bank of Uruguay
The Central Bank of Uruguay hosted secondary and vocational students under its Central para Vos initiative within the BCUEduca economic and financial education programme, introducing them to price stability, inflation, monetary policy and the functioning of the financial system through everyday scenarios. The sessions, held on 12 and 13 May, formed part of a new phase of BCUEduca focused on citizens’ financial wellbeing and included workshops on inflation and monetary policy instruments, as well as a visit to the Numismatic Museum.
Financial literacy & educationFinancial literacy and education
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2026-05-15•Poland•Central Bank of Poland
The Central Bank of Poland's preliminary data showed a March 2026 current account deficit of PLN 1.0bn, narrower than the PLN 4.6bn deficit a year earlier. A PLN 13.1bn services surplus was outweighed by deficits in primary income, goods trade and secondary income. The primary income gap widened mainly because of income earned by foreign direct investors from Polish entities.
Data & statisticsBalance of payments and other external statistics
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2026-05-15•Portugal•Portuguese Insurance Regulator (ASF)
The Portuguese Insurance and Pension Funds Supervisory Authority has signed a cooperation protocol with Angola's Insurance Regulation and Supervision Agency to strengthen cooperation and support the balanced and sustainable development of their insurance and pension fund sectors. The agreement establishes a framework for information exchange, professional training, technical assistance, advisory work and joint studies within the two authorities' mandates.
SupervisionCooperationCross-border cooperation
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2026-05-15•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan has suspended the licence of CIB Insurance Agency LLC for three months and the licences of 10 insurance intermediaries for one month under decisions dated 14 May 2026. CIB Insurance Agency LLC was sanctioned for failing to implement a regulatory order under Article 106.1.1 of the Law on Insurance Activity, while the other intermediaries were sanctioned under Article 106.1.10 for not submitting a required report.
SupervisionAuthorisations & approvalsLicence withdrawal
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2026-05-15•United States•Federal Reserve Board
The Federal Reserve Board terminated, effective May 12, 2026, the July 21, 2023 cease and desist order against UBS Group AG, Credit Suisse AG, Credit Suisse Holdings (USA), Inc., and Credit Suisse AG, New York Branch.
EnforcementInvestigations & enforcement actionsOther
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2026-05-15•Ethiopia•National Bank of Ethiopia
The National Bank of Ethiopia consulted industry stakeholders on a draft Insurance Proclamation that would create an independent Insurance Regulatory Authority and gradually open the insurance market to foreign competition. The draft also proposes an industry-funded regulator, stronger policyholder protection, tighter market conduct supervision and a policyholders’ protection fund.
Policy & regulationRules & requirementsLicensing framework and processSupervision process and methodologies
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2026-05-15•United States•U.S. Senate Committee on Finance
Ranking members of the Senate Finance and Small Business committees asked the Small Business Administration to explain why it did not warn small businesses about predatory merchant cash advances and why it adopted a June 2025 policy barring SBA loan refinancing of such debt. The letter seeks records on interagency coordination around tariff-related liquidity pressures, internal assessments of working-capital support, outreach on merchant cash advance risks, and the rationale and data underpinning the June 2025 restriction.
Policy & regulationOtherLendingConsumer and investor protection
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2026-05-15•Global•International Monetary Fund
The International Monetary Fund reached staff-level agreement with Ghana on the sixth and final review of the Extended Credit Facility and on policies for a non-financing 36‑month Policy Coordination Instrument, alongside the 2026 Article IV consultation. Staff deemed the ECF program broadly satisfactory, citing lower inflation, stronger reserves, improved fiscal performance and declining public debt. The PCI will focus on consolidation and resilience, including growth-friendly fiscal adjustment, debt sustainability, financial sector stability, governance reforms, calibrated fiscal space, continued debt restructuring, protection of the Bank of Ghana balance sheet, bank recapitalization, energy and cocoa sector reforms, and stronger anti-corruption measures.
Policy & regulationPeer reviews and country evaluationsEconomic data and developments
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2026-05-15•Global•International Monetary Fund
The IMF Executive Board concluded its Article IV consultation with Kiribati, noting near-term resilience but high downside risks from external shocks and climate vulnerabilities, and assessing the country as at high risk of debt distress. Directors called for growth-friendly fiscal consolidation to rebuild buffers and safeguard debt sustainability, including revenue measures, rationalisation of subsidies and social benefits, and stronger public financial and debt management. They also urged tighter oversight of contingent liabilities and state-owned enterprise borrowing, adoption of a balance-based withdrawal rule for the Revenue Equalization Reserve Fund, and reforms to support private sector development, financial supervision, governance and statistics.
Policy & regulationInternational standards & recommendationsEconomic data and developments
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2026-05-15•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
Ranking Member Elizabeth Warren of the U.S. Senate Committee on Banking, Housing and Urban Affairs and Ranking Member Jeanne Shaheen of the Senate Foreign Relations Committee urged the Trump Administration not to extend the U.S. Department of the Treasury’s General License 134B, which authorizes purchases of certain Russian oil. They argued the license has not lowered U.S. fuel costs, instead increases Russian revenue during President Trump’s war in Iran, and lacks clear justification in terms of benefits to Americans or oil markets.
Policy & regulationOtherSanctions list update
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2026-05-15•Moldova•National Bank of Moldova
National Bank of Moldova Governor Anca Dragu told the Tech Talks 2026 event the bank is developing an internal AI governance framework and assistant to support SupTech and digital infrastructure, including faster access to institutional information, analysis and data processing. She underlined that AI use must follow clear rules, data protection and rigorous risk management, with human judgment retained in decision-making, and discussed competitiveness and European financial market integration with former European Central Bank President Mario Draghi.
Institutional developmentTechnology & data transformationArtificial intelligence
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2026-05-15•India•Securities & Exchange Board of India
The Securities and Exchange Board of India has revised and consolidated its master circular on securities market surveillance, creating a single reference for exchanges, depositories, listed companies, intermediaries and fiduciaries, and rescinding overlapping circulars. The circular embeds the framework for financial disincentives for surveillance-related lapses at market infrastructure institutions, clarifies that certain non-convertible securities, offer for sale and rights entitlements transactions fall outside trading window restrictions, and consolidates the PAN-ISIN freeze framework for designated persons and their immediate relatives.
Policy & regulationRules & requirementsMarket abuse
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2026-05-15•United States•U.S. Senate Committee on Banking, Housing and Urban Affairs
The U.S. Senate Committee on Banking, Housing and Urban Affairs advanced H.R. 3633, the Digital Asset Market Clarity Act of 2025, by a 15–9 bipartisan vote, sending the digital asset market structure bill to the Senate floor. The committee said the bill would provide clearer rules for digital assets, strengthen safeguards and transparency, and enhance tools to address bad actors, following nearly a year of bipartisan negotiations and support from crypto, technology, financial, and consumer organizations.
Policy & regulationRules & requirements
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2026-05-15•Libya•Central Bank of Libya
The Central Bank of Libya has formally launched implementation of the unified financial expenditure agreement and its unified spending mechanisms. The meeting focused on Article 8, oversight of public spending and oil and non-oil revenues, and technical arrangements for regular disbursements. Participants also called for continued coordination to carry the agreement into practice.
Policy & regulationImplementation, projects & pilotsFinancial stability and systemic riskDisclosures
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2026-05-15•Czech Republic•Czech National Bank
The Czech National Bank published results of its April 2026 survey of daily average money market turnovers, reporting a rise in deposit operations to CZK 45.9 billion from CZK 37.4 billion, driven by increased activity with non-residents whose share reached 95.5%. Deposits with maturities from one week to one month formed 55.8% of volumes, repo volumes declined by 9.5% to a 50% share, and turnover in interest rate swaps and forward rate agreements rose by 28% and 198% respectively, all derivatives traded with non-residents.
Data & statisticsFinancial and market indicatorsMonetary data
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2026-05-15•United Kingdom•Financial Conduct Authority
The Financial Conduct Authority, Bank of England and HM Treasury issued a joint statement warning that frontier artificial intelligence models materially increase cyber risk for regulated firms and financial market infrastructures, reiterating that firms must address these risks under existing operational resilience requirements. The authorities highlight expectations around governance, vulnerability management, third-party risk, protection, and response and recovery, and direct firms to cyber resilience practices and guidance from the Cross Market Operational Resilience Group and the National Cyber Security Centre.
Policy & regulationGuidance & interpretationArtificial intelligenceCyber resilience
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2026-05-15•United Kingdom•Prudential Regulation Authority
The Prudential Regulation Authority published results of its 2025 firm feedback exercise, based on an expanded sample including all credit unions, showing strong scores for clarity of regulatory objectives and supervisory relationships but weaker views on the regulatory framework, rules and policy. Firms requested clearer supervisory feedback, better co-ordination, greater proportionality and more visibility on timelines and workplans, to which the PRA pointed to initiatives on policy clarity, data governance, co-ordination with the Financial Conduct Authority and international regulators, and its Strong and Simple and Future Banking Data projects.
SupervisionSupervision approach, priorities & toolkitSupervision process and methodologies
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2026-05-15•Pakistan•State Bank of Pakistan
The State Bank of Pakistan has launched its nationwide Go Cashless campaign for Eid al-Azha 2026, expanding digital payment access in cattle markets from 54 to 96 locations as part of its broader payments digitization push. Twenty-two banks will operate camps and kiosks to onboard market participants and enable QR code-based payments, supported by temporary relaxations on transactional and account balance limits and additional mobile banking vans, ATMs and Cash Deposit Machines.
Policy & regulationImplementation, projects & pilotsPayments and payment systems
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2026-05-15•South Africa•South African Reserve Bank
The South African Reserve Bank’s Financial Surveillance Department has cancelled HSBC Bank plc Johannesburg Branch’s appointment as an Authorised Dealer in foreign exchange with immediate effect. The branch may no longer conduct authorised dealer business under South Africa’s Exchange Control Regulations, and its name will be removed from the relevant sections of the Currency and Exchanges Manuals.
SupervisionAuthorisations & approvalsLicence withdrawal
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2026-05-15•South Africa•South African Reserve Bank
The South African Reserve Bank and National Treasury have extended the comment period on the draft Capital Flow Management Regulations, 2026 and clarified that the proposals are not intended to criminalise possession of crypto assets or apply retrospectively. They will issue a draft manual on the cross-border crypto asset framework, setting out when transactions are treated as cross-border and the obligations of authorised crypto asset service providers. The draft regulations aim to strengthen the authorities’ ability to detect, deter or disrupt illicit financial flows and complement existing regimes of the Financial Intelligence Centre and Financial Sector Conduct Authority.
Policy & regulationGuidance & interpretationCross-border payments
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2026-05-15•Croatia•Croatian National Bank
The Croatian National Bank said regional central bank governors discussed integrating digital assets into the financial system while safeguarding stability, consumer protection and monetary sovereignty. Governor Boris Vujčić said a digital euro would complement cash and deposits and warned that stablecoins, though not yet systemic, pose strategic risks and require close monitoring under the EU’s Markets in Crypto-Assets Regulation. He noted the dominance of U.S. dollar stablecoins over euro instruments and urged support for European payment solutions, including the digital euro. Vujčić attributed Croatia’s recent inflation mainly to external energy shocks and subsidy withdrawal, citing easing food, core and industrial goods inflation but persistently high services inflation driven by a strong labour market and domestic demand.
Monetary policyMonetary policy assessments & outlooksFintech and insurtechMonetary policy decisions and developments
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2026-05-15•Peru•Superintendencia de Banca, Seguros y AFP del Peru
Peru’s Superintendence of Banking, Insurance and Private Pension Fund Administrators has set a framework requiring private pension fund administrators to identify deceased affiliates and proactively assist beneficiaries or heirs when no survivor pension or inheritance claim exists. Administrators must verify deaths using external mortality data, notify at the last known address within 15 days, and publish semiannual lists of deceased affiliates in a national newspaper and on their websites, which the authority will also link to.
Policy & regulationRules & requirementsOther
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2026-05-15•Bosnia and Herzegovina•Banking Agency of the Federation of Bosnia and Herzegovina
The Banking Agency of the Federation of Bosnia and Herzegovina has published preliminary data on the operations of entities in the Federation banking system as of 31 March 2026. The release provides basic performance indicators for the public, media and other users, with final data to follow in the Agency’s quarterly Information on entities of the banking system of the Federation of Bosnia and Herzegovina.
Data & statisticsActivity and performance reporting
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2026-05-15•Montenegro•Central Bank of Montenegro
At a regional meeting of central bank governors in Pula, Central Bank of Montenegro Governor Irena Radović said digital assets are increasingly integrating into the traditional financial system and stressed that innovation must develop within clear rules, responsible oversight and robust safeguards. She highlighted Montenegro’s payment modernisation via SEPA and the TIPS Clone project, including a planned July 2026 launch of an instant euro payment system developed with Banca d’Italia and supported by the European Central Bank and the World Bank.
Policy & regulationImplementation, projects & pilotsCBDCPayments and payment systems
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2026-05-15•Latvia•Central Bank of Latvia
The Central Bank of Latvia has published a working paper analysing how fiscal shocks affect public debt and other fiscal and macroeconomic variables across European Union member states from 2001 to 2024. It finds that primary balance shocks reduce government debt-to-GDP gradually, with primary expenditure shocks driving faster, larger and statistically significant debt reductions, while revenue shocks have gradual and statistically insignificant effects, reflecting differing reactions to each type of shock.
Research
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2026-05-15•Global•World Bank
The World Bank’s latest Viet Nam Economic Update projects growth easing from 8% in 2025 to 6.8% in 2026, while remaining robust amid a more uncertain global environment. It highlights strong exports, investment, and a broad reform agenda as drivers, but notes elevated risks and stresses the need to retain more value domestically, deepen links between foreign-invested and local firms, raise productivity, and tighten macroeconomic management to support implementation and financing of reforms.
ResearchEconomic data and developments
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2026-05-15•China•China Securities Regulatory Commission
China Securities Regulatory Commission Chairman Wu Qing participated by video in the International Organization of Securities Commissions Board meeting on 12 May 2026. He discussed global capital market developments, capital market operational resilience in a new technology environment, and reform of IOSCO working mechanisms with other board members, with Vice Chairman Liu Haoling also attending.
Policy & regulationCooperationMarket developmentMarket infrastructure
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2026-05-15•Aruba•Central Bank of Aruba
The Central Bank of Aruba’s fourth-quarter 2025 external sector tables show a current account surplus of AFL 244.5 million and a capital account surplus of AFL 34.4 million, yielding net lending of AFL 279.0 million from the current and capital accounts and AFL 234.5 million from the financial account. The full-year 2025 current account surplus rose to AFL 921.0 million from AFL 708.9 million in 2024, supported by a higher services surplus and a narrower income deficit despite a larger goods deficit.
Data & statisticsBalance of payments and other external statistics
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2026-05-15•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market has established an Advisory Coordination Council on Corporate Governance to align Ukrainian legislation with European standards and introduce international best practices, with its decisions being recommendatory. The council will act as an independent forum for Ukrainian and international experts, including representatives from international financial institutions, foreign regulators, academia and industry, and will be chaired by Commission member Maksym Libanov.
Policy & regulationCooperationOther
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2026-05-15•Ukraine•National Bank of Ukraine
The National Bank of Ukraine published opening remarks for its Sixth Annual Research Workshop on monetary policy in emerging market economies, outlining five principles for preserving monetary transmission under extreme shocks and illustrating them with its wartime policy response. It highlighted emergency liquidity and foreign exchange measures, a sharp policy rate hike to 25%, adjustments to the operational framework and reserve requirements, and liquidity absorption tools that helped stabilise inflation and support the domestic debt market. The bank reported continued double-digit lending growth and low non-performing loans but warned that elevated inflation risks from energy damage, logistics disruptions and high fiscal spending may require tighter policy and further sterilisation measures.
Monetary policyMonetary policy assessments & outlooks
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2026-05-15•Sweden•Finansinspektionen
The Swedish Financial Supervisory Authority has launched a supplementary consultation on amendments to its securities business rules to align with the European Commission’s February 2026 changes to the MiFID II delegated directive under the EU Listing Act. The proposal would require investment firms receiving third party investment research outside the MiFID inducements framework to set objective criteria for annual assessments of research quality, usefulness and value, and to take corrective action where it does not support better investment decisions, while removing existing research payment account governance requirements. The proposal is conditional on the EU amending directive entering into force.
Policy & regulationRules & requirementsSecurities offerings and listings
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2026-05-15•Portugal•Portuguese Securities Commission (CMVM)
The Portuguese Securities Commission registered Visabeira Indústria’s mandatory offer for 14,412,198 Martifer shares at EUR 2.057 each. The offer follows the attribution of 85.59% of voting rights to parties to a shareholder agreement and related persons. Visabeira could reach the squeeze-out threshold by acquiring at least 4,412,198 shares.
SupervisionAuthorisations & approvalsMergers and acquisitionsSecurities offerings and listingsRegulatory reporting
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2026-05-15•Moldova•National Commission for Financial Markets
Moldova's National Commission for Financial Markets adopted measures including draft amendments to the 2020 voluntary pension funds law to align with EU rules, widen access, clarify payments, strengthen equal treatment safeguards, tighten prudential requirements, expand supervisory and sanctioning powers, and introduce transparency and digital information measures. The Commission also approved a voluntary takeover prospectus for ABC SA shares, authorized converting LEMI INVEST SA into a limited liability company, launched a thematic inspection of EASY CREDIT SRL under the consumer credit law, and set 2025 Investor Compensation Fund contribution rates, citing gradual alignment with higher EU compensation thresholds.
Policy & regulationRules & requirementsConsumer and investor protectionSupervision process and methodologies
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2026-05-15•Europe•European Central Bank
The European Central Bank reported that its balance sheet total declined by EUR 6.051 billion to EUR 6.179 trillion, mainly due to a EUR 9.364 billion reduction in securities held for monetary policy purposes to EUR 3.511 trillion. On the liabilities side, the deposit facility increased by EUR 11.544 billion to EUR 2.254 trillion, while liabilities to euro area residents in euro fell by EUR 10.400 billion, driven by lower general government deposits.
Data & statisticsBalance of payments and other external statistics
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2026-05-15•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan published results of its 15 May 2026 foreign exchange intervention purchase auction, which attracted 14 participants. Satisfied orders ranged from USD 120,000 to USD 20,474,000 at a weighted average rate of TJS 9.3451 per USD.
Monetary policyMonetary policy instruments & operationsBalance of payments and other external statistics
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2026-05-15•Ghana•Bank of Ghana
The Bank of Ghana’s 2025 Financial Stability Report finds the financial sector grew and remained resilient in 2025, with total assets up 23.2% to GHS 647.25 billion, or 45.1% of GDP, and stronger profitability and solvency. The report summarizes Financial Stability Council initiatives, updates resilience assessments with a Systemic Risk Survey, and highlights implementation of a conglomerate supervision framework. Following the Virtual Assets Service Providers Act 2025, the Council’s Technical Committee will develop a risk matrix to monitor risks in the virtual asset service provider sector.
ResearchFinancial stability and systemic risk
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2026-05-15•North Macedonia•Securities and Exchange Commission of the Republic of North Macedonia
The Securities and Exchange Commission of the Republic of North Macedonia signed a memorandum of cooperation with SEPUGS Vasil Antevski-Dren to promote financial literacy and give students practical exposure to the capital market. The cooperation provides workshops, presentations, institutional and market participant visits, and promotional material for elective subjects on capital markets and financial instruments.
Financial literacy & educationFinancial literacy and education
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2026-05-15•Montenegro•Central Bank of Montenegro
Central Bank of Montenegro Governor Irena Radovic said digital assets and other financial innovation must develop within clear rules, responsible oversight and safeguards protecting financial stability, consumers and monetary sovereignty, linking this to Montenegro’s payment modernisation agenda. She noted that Montenegro’s accession to the Single Euro Payments Area cut cross-border payment costs to the EU and presented work on the TIPS Clone instant euro payments platform with Banca d’Italia, supported by the European Central Bank and the World Bank.
Policy & regulationImplementation, projects & pilotsCBDCPayments and payment systems
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2026-05-15•Isle of Man•Isle of Man Financial Services Authority
The Isle of Man Financial Services Authority has introduced a new process to alert Island firms to changes to sanctions lists, issuing email notifications from 15 May 2026 to highlight updates that may affect customer relationships and transactions. Alerts will go to all primary contacts and be posted on the Authority’s website and social media, with recent updates covering Russia, Afghanistan and Iran in mid-May 2026.
SupervisionAlertsSanctions list update
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2026-05-15•Serbia•Ministry of Finance (Serbia)
The Ministry of Finance (Serbia) published remarks by First Deputy Prime Minister and Finance Minister Sinisa Mali at Business Summit 2026, highlighting Serbia as a predictable capital destination, with 3 percent first-quarter GDP growth, public debt of about 43 percent of GDP, an investment grade credit rating and strong foreign direct investment. Mali linked these results to administrative and market reforms, including digital tax and trade systems and capital market and Belgrade Stock Exchange development. He noted foreign exchange reserves above EUR 28 billion and 54 tonnes of gold as buffers. Priorities include infrastructure, energy security and diversification, renewables, a future nuclear power plant, and investment in education, artificial intelligence, robotics, information technology and healthcare, with growth next year expected to be supported by Expo-related investment and domestic consumption.
Policy & regulationReform agendas & prioritiesEconomic data and developments
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2026-05-15•Global•Bank for International Settlements
The Bank for International Settlements has published a working paper constructing euro area geopolitical risk indicators from local newspapers to assess the macroeconomic effects of geopolitical shocks. The authors find these shocks resemble adverse supply shocks, with the war in Ukraine estimated to have reduced industrial production by about 1.3%, raised consumer prices by about 0.6% and lifted policy rates by about 0.5 percentage points by mid-2022, while Anglosphere measures understate these effects. The paper also introduces sanctions and shortages indicators, concluding that shortages are a key inflation channel and that the euro area outlook is highly sensitive to future geopolitical developments.
Research
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2026-05-15•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway found that an investor breached shareholding disclosure rules under chapter 4 of the Securities Trading Act in relation to NEXT Biometrics Group ASA and imposed an administrative penalty of NOK 300,000. The case concerns three undisclosed crossings of the 10 percent and 15 percent thresholds and one incorrect market notification, with the authority deeming the breaches negligent and stressing that investors must understand consolidation rules.
EnforcementInvestigations & enforcement actionsMarket abuse
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2026-05-15•Norway•Norwegian Finanstilsynet
The Norwegian Financial Supervisory Authority used a speech at the 2026 Pension Fund Conference to outline its supervisory view on pension funds, noting strong solvency but rising risks from structural change, geopolitics, potential market corrections and domestic debt and property vulnerabilities. It will prioritise supervision of financial position, liability estimates, liquidity risk, governance, capital, contingency planning, buffer capital strategy and control functions. Regulatory work will focus on simplifying rules, aligning the simplified solvency capital requirement with the revised Solvency II framework and updating rules on guaranteed products, borrowed own funds, market value use in transfers and buffer funds.
SupervisionSupervision approach, priorities & toolkit
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2026-05-15•Norway•Norwegian Finanstilsynet
The Financial Supervisory Authority of Norway’s 2025 annual report states it largely implemented its work in line with the Ministry of Finance’s allocation letter and its own strategy, outlining supervisory activities supporting financial stability and well-functioning markets. It covers governance developments, including the new Financial Supervision Act effective 1 April 2025, digitalisation and simplification projects, internal control and security, and a risk-based supervisory approach focused on international market instability, financial sector competitiveness, digital vulnerability, economic crime, and climate and sustainability risks. The report also presents audited annual accounts.
Institutional developmentGovernanceOperational excellence
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2026-05-15•Greece•Ministry of National Economy and Finance (Greece)
Greece’s Ministry of National Economy and Finance announced that Minister Kyriakos Pierrakakis, also President of the Eurogroup, will attend the G7 finance ministers and central bank governors meeting in Paris on 18–19 May to discuss the global economy, including the macroeconomic effects of the Middle East situation, support for Ukraine and reducing global imbalances. Pierrakakis highlighted the vulnerability of interconnected economies to external shocks, stressed the importance of keeping the Strait of Hormuz open and ending the conflict to limit economic impact, and argued that deepening European capital markets and coordinated action by major economies are needed for more sustainable macroeconomic balances.
Policy & regulationCooperation
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2026-05-15•India•Securities & Exchange Board of India
The Securities and Exchange Board of India has issued a circular specifying the permitted use of fresh borrowings by Infrastructure Investment Trusts whose net borrowings exceed 49 percent of asset value. Higher leverage may now be used for capital expenditure to enhance asset performance or capacity, specified major maintenance on road projects, and certain refinancing of principal-only debt originally raised for permitted purposes at the InvIT, special purpose vehicle or holding company level.
Policy & regulationGuidance & interpretationSecurities offerings and listings
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2026-05-15•India•Securities & Exchange Board of India
The Securities and Exchange Board of India has issued a circular specifying conditions under which a special purpose vehicle held by an Infrastructure Investment Trust will continue to be treated as an SPV after its concession or similar agreement ends. The investment manager must within one year either exit the SPV or acquire a new infrastructure project in it, excluding time taken for statutory or regulatory approvals, and must provide enhanced SPV-level disclosures in the InvIT’s annual report while the SPV is held.
Policy & regulationRules & requirementsSecurities offerings and listings
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2026-05-15•Italy•Italian Securities Commission (Consob)
The Italian Securities Commission (Consob) has approved regulatory amendments to reduce compliance and administrative burdens for market operators and issuers while maintaining investor protection and market integrity. Key changes include raising the internal dealing disclosure threshold from EUR 20,000 to EUR 50,000, simplifying prospectus and public offer procedures, allowing English for certain documentation, and aligning the Markets Regulation and related party transactions regime with recent Capital Law changes.
Policy & regulationRules & requirementsRegulatory burden
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2026-05-15•Cyprus•Cyprus Securities and Exchange Commission
The Cyprus Securities and Exchange Commission warned that topmarketsolution.com, cfdcapita.com and globaletradecif.com are not authorized under Article 5 of Law 87(I)/2017 to provide investment services or perform investment activities. It urged investors to verify firms’ licensing status on its website before engaging with them.
SupervisionAlertsSecurities offerings and listings
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2026-05-15•Ukraine•Ukraine National Commission on Securities and Stock Market
The Ukraine National Commission on Securities and Stock Market has approved an action plan to implement the National Programme for adapting Ukrainian legislation to EU law in areas where it is lead or co-executor. The plan mandates alignment of 187 legal and regulatory acts and preparation of 22 draft laws covering corporate governance, capital markets regulation, prudential supervision of investment firms, investor compensation, electronic reporting and market transparency. Implementation will support further convergence of Ukraine’s capital markets regulation with EU rules and help fulfil its European integration obligations.
Policy & regulationImplementation, projects & pilotsMarket development
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2026-05-15•Europe•European Central Bank
The European Central Bank published blog-based research arguing that cross-border activity by euro area non-bank financial institutions is diverting financing from euro area firms and weakening monetary policy transmission. It finds that NBFIs have shifted portfolios from euro area to US corporate equities and that banks have increased short-term collateralised lending to NBFIs, particularly outside the euro area, which is associated with reduced bank credit to firms and sluggish recovery in firms’ external financing.
ResearchMarket development
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2026-05-15•Hong Kong•Hong Kong Monetary Authority
The Hong Kong Monetary Authority reported that total credit card receivables fell 3.8% quarter on quarter to HKD 158.0 billion at end-March 2026, following an 8.7% increase in the previous quarter driven by festive spending and salaries tax payments. The combined delinquent and rescheduled ratio rose to 0.45% from 0.40%, while the charge-off ratio declined to 0.56% from 0.62%.
Data & statisticsFinancial and market indicatorsSupervisory data
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2026-05-15•Ireland•Central Bank of Ireland
The Central Bank of Ireland appointed Glenn Calverley as Director of Finance and Business Performance, responsible for financial strategy, financial management and organisational performance monitoring. Calverley has held senior roles at the bank since 2015, including Director of Strategy & Governance, and previously worked in commercial banking in risk management and organisational change.
Institutional developmentLeadership change & appointmentsLeadership change and appointments
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2026-05-15•Tajikistan•National Bank of the Republic of Tajikistan
The National Bank of the Republic of Tajikistan reported that First Deputy Chairman Firoz Sharifzoda met Czech National Bank Board member Jakub Seidler in Prague to discuss economic conditions, inflation-targeting monetary policy and financial sector stability amid geopolitical uncertainty. They explored cooperation on implementing inflation targeting, strengthening banking stability, opening correspondent accounts in Europe, staff training, potential Czech banking presence in Tajikistan and using artificial intelligence in banking, with Sharifzoda highlighting Tajikistan’s stable growth and moderate inflation.
Policy & regulationCooperationCross-border cooperationFinancial stability and systemic risk
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2026-05-15•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan clarified that borrowers may bring microcredit disputes with microfinance institutions to the microfinance ombudsman, whose binding services are free of charge. The notice details required documentation for complaints and reports that from the start of the year to 30 April the ombudsman received 1,537 applications and provided over 1,500 telephone consultations, noting that the institution has operated since 21 December 2024.
Policy & regulationGuidance & interpretationComplaints and dispute resolution
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2026-05-15•China•China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission reported first quarter 2026 data showing continued balance sheet growth, expansion in inclusive lending, and prudential indicators pointing to broadly stable commercial bank asset quality and insurance solvency above minimum requirements. Banking institutions’ assets reached CNY 494.7 trillion, insurance sector assets CNY 42.5 trillion, with commercial banks’ non-performing loan ratio at 1.51% and insurers’ average comprehensive and core solvency adequacy ratios at 181.0% and 131.9%. Inclusive small and micro enterprise and agriculture-related loans grew by 9.9% and 9.5% year on year.
Data & statisticsFinancial and market indicatorsSupervisory data
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2026-05-15•Azerbaijan•Central Bank of the Republic of Azerbaijan
The Central Bank of the Republic of Azerbaijan reported on its participation in a DOST Agency meeting on state monitoring of the rights of persons with disabilities, highlighting non-discrimination in access to financial services as an ongoing supervisory focus. It outlined joint initiatives with financial institutions, as well as regular meetings and awareness activities, to improve services and prevent discriminatory practices, and noted that the meeting also reviewed monitoring objectives and tasks for 2026.
SupervisionSupervision approach, priorities & toolkitOther
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2026-05-15•China•China Securities Regulatory Commission
The China Securities Regulatory Commission published a readout of a Beijing symposium chaired by Chairman Wu Qing with representatives of domestic and overseas listed companies in modern services and new consumption. The commission signalled it will study additional inclusive capital market reforms during the 15th Five-Year period to better align issuance, listing, refinancing, mergers and acquisitions, equity incentives, indices and fund products with the needs of these sectors. Wu Qing linked such measures to improving the A-share listed company mix, market stability and investor returns.
Policy & regulationReform agendas & prioritiesMarket development
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2026-05-15•China•China Securities Regulatory Commission
The China Securities Regulatory Commission outlined its investor protection agenda for the 15th Five-Year Plan and issued an industry-wide complaint guide for the 12386 platform, emphasizing stronger supervision and enforcement, broader compensation and litigation channels, and more targeted investor education and complaint handling. Measures include IPO and refinancing reforms, tighter intermediary accountability, a listed company governance campaign, stronger oversight of long-term capital and public funds, tougher action against misconduct, and faster rollout of key supervisory rules. The Commission cited recent redress, including advance compensation and court-ordered payments exceeding CNY 1.5 billion to tens of thousands of investors.
Policy & regulationReform agendas & prioritiesConsumer and investor protection
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2026-05-15•China•China Securities Regulatory Commission
At its 2026 National Investor Protection Publicity Day in Beijing, the China Securities Regulatory Commission released the Trial Administrative Measures for the Supervision and Administration of Derivatives Trading and related self-regulatory rules, along with investor protection research, case studies, enforcement materials, and an updated 12386 Service Platform Complaint Guide. The commission will work with local financial regulators and public security and judicial authorities on nationwide investor protection publicity and education activities focused on capital market laws and policies, rights protection, and improving investors’ risk awareness and self-protection.
Policy & regulationRules & requirementsConsumer and investor protection
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2026-05-15•Kyrgyzstan•State Service for Regulation and Supervision of Financial Markets
The State Service for Regulation and Supervision of Financial Markets of the Kyrgyz Republic warned that unknown persons are creating fake messenger accounts and using voice generation technology to impersonate Deputy Chairman Bayysh Turkmenovich Dushevaev. It urged citizens not to share personal data and to verify information only through official sources.
SupervisionAlertsFraud and scams
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2026-05-15•Albania•Bank of Albania
The Bank of Albania agreed with the World Bank and IFC to continue technical assistance to strengthen the financial system’s regulatory framework, focusing on banking supervision, payment systems, financial education and data infrastructure, including digital finance and the credit registry. The Bank highlighted progress in aligning payment regulations with European standards, accession to the Single Euro Payments Area, and ongoing work on the TIPS Clone project and an instant payment system, while noting a positive economic backdrop and temporary inflation risks from higher global energy prices.
Policy & regulationCooperationCross-border cooperationPayments and payment systems
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2026-05-15•Middle East•Union of Arab Securities Authorities
The Union of Arab Securities Authorities, in cooperation with the Qatar Financial Markets Authority, held a seminar in Doha on digital and virtual assets, including cloud computing, blockchain, digital assets and cryptocurrencies. The event addressed practical applications, cybersecurity, compliance, governance, risk management and regulatory frameworks, including Financial Action Task Force guidance, through interactive sessions and case studies for finance, technology and legal professionals.
Financial literacy & educationFintech and insurtechBlockchain and distributed ledger technology
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2026-05-15•Kazakhstan•Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan has approved Kunsulu Sagdatovna Kapbasova as head and member of the governing body of ForteFinance JSC in the securities market. The decision is set out in Protocol No. 308/RCB dated 13 May 2026.
SupervisionAuthorisations & approvalsLeadership change and appointments
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2026-05-15•United Arab Emirates•Ministry of Finance (United Arab Emirates)
The United Arab Emirates Ministry of Finance joined the 11th Annual Meeting of the New Development Bank’s Board of Governors in Moscow, reaffirming support for stronger economic and development cooperation within BRICS and the bank’s role in financing sustainable development amid technological change. UAE officials urged closer integration between development finance and long-term economic strategies, more efficient and responsive financing models, support for open rules-based trade, broader representation for emerging markets and developing economies, and greater use of technologies including artificial intelligence.
Policy & regulationCooperationFintech and insurtechMarket development
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2026-05-15•Czech Republic•Czech National Bank
The Czech National Bank published balance of payments commentary and monthly key-item data. It noted that when balance of payments figures are revised due to data updates or methodological changes, the corresponding quarterly and monthly time series for the relevant period are revised simultaneously.
Data & statisticsBalance of payments and other external statistics
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2026-05-15•Czech Republic•Czech National Bank
The Czech National Bank reported that investment funds’ net asset value fell by CZK 24.2 billion in March 2026 to CZK 2161.2 billion, though it remained 29.1% higher year-on-year. Equity funds saw the largest month-on-month decline, while bond holdings increased and equity securities and other investments decreased as shares of total net assets.
Data & statisticsFinancial and market indicators
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2026-05-15•Czech Republic•Czech National Bank
The Czech National Bank has updated its list of Czech-resident investment funds for monetary and financial statistics and confirmed that listed funds, or their management companies, must report under Decree No. 389/2024 Coll. The update reflects a December 2025 reclassification under the recast European Central Bank Regulation on investment fund statistics, which moved certain sub-fund structures into the financial auxiliaries sector. The list covers Czech investment and mutual funds under Act No. 240/2013 Coll. and excludes money market funds, which remain classified as monetary financial institutions.
Data & statisticsFinancial and market indicatorsSupervisory data
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2026-05-15•South Korea•Ministry of Economy & Finance (South Korea)
South Korea’s Ministry of Economy & Finance outlined a two-part response to housing market risks, combining accelerated housing supply with tighter controls on real estate-related finance and household debt. The government will bring forward major projects, appoint site-specific supply managers and review measures to boost short-term move-in-ready supply, while strictly enforcing home mortgage loan targets, expanding inspections of business loans secured by housing and coordinating with other agencies to address market-disrupting real estate activity.
Policy & regulationImplementation, projects & pilotsOther
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2026-05-15•South Korea•Ministry of Economy & Finance (South Korea)
South Korea’s Ministry of Economy and Finance reviewed the domestic impact of the Middle East war and set the direction for its second half 2026 growth strategy, aiming to limit pressure on prices, jobs, livelihoods and industry while strengthening economic security. Near-term measures include keeping fuel prices below current maximums, launching a second round of high oil price support payments, applying tariff-rate quotas on imported meat, expanding pork supplies, tightening supply chain monitoring for key goods, and curbing hoarding and fertilizer sales. The ministry will finalize the strategy through inter-ministerial and Cabinet procedures, with publication expected around end-June.
Policy & regulationImplementation, projects & pilotsGeopolitical risk
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2026-05-15•Japan•Japan Financial Services Agency
The Japan Financial Services Agency published a press conference summary in which Finance Minister Katayama said he will attend the G7 Finance Ministers and Central Bank Governors Meeting in France, where discussions are expected to cover crude oil price shocks, market volatility, critical minerals, global imbalances, and fertilizer and food supply risks. He said Japan is monitoring the domestic impact of higher energy prices but expects no immediate rise in electricity and gas tariffs, and is relying on existing gasoline support measures. Katayama added that recent bond yield increases and yen weakness will be discussed at the G7.
Policy & regulationReform agendas & prioritiesMonetary policy decisions and developments
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2026-05-15•Poland•Ministry of Finance (Poland)
The Ministry of Finance (Poland) reported Finance and Economy Minister Andrzej Domański’s remarks at Impact’26, where he set a 10-year goal for Poland to become one of Europe’s three strongest economies, underpinned by investment in modern technologies, innovation, energy security and competitiveness. In a debate with International Monetary Fund Managing Director Kristalina Georgieva, he linked Poland’s growth to earlier reforms and European Union membership, and highlighted initiatives in capital markets, innovative firms, energy transition, space technologies and artificial intelligence as key growth drivers.
Policy & regulationReform agendas & prioritiesEconomic data and developments
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2026-05-15•South Africa•South African Reserve Bank
The South African Reserve Bank has updated its Currency and Exchanges Manual for Authorised Dealers (version 1.131) to remove HSBC Bank as an Authorised Dealer under Circular 17-2026. The manual’s list of banks whose South African offices may act as Authorised Dealers under the Exchange Control Regulations no longer includes HSBC Bank, while existing permissions, conditions and reporting requirements for authorised foreign exchange transactions remain in place.
Policy & regulationRules & requirementsForeign exchange policy and markets
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2026-05-15•Gibraltar•Gibraltar Financial Services Commission
The Gibraltar Financial Services Commission has introduced a new online portal feature enabling firms across all sectors to submit Change of Control and disposition of control notifications digitally. The portal uses logic-driven forms, automated information requests, downloadable structure charts and live status tracking, with guidance to be published when the feature goes live.
SupervisionRegulatory reportingOther
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2026-05-15•China•Ministry of Finance (China)
China’s Ministry of Finance and Ministry of Commerce have revised rules for the central government’s service industry development fund, extending the programme to 2028 and resetting eligibility, allocation methods, fund management and performance oversight. The fund will support new consumption growth areas, trade and distribution infrastructure and modern supply chains through grants, interest subsidies, award-based subsidies and government procurement. The measures tighten controls on misuse and duplicate funding, make performance evaluation a key basis for future allocations, and replace the 2023 rules with immediate effect.
Policy & regulationRules & requirementsOther
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2026-05-15•Mexico•CONDUSEF
Mexico’s National Commission for the Protection and Defense of Users of Financial Services published results of its 2025 transparency supervision of 20 insurers offering Civil Liability and Professional Risks Insurance, finding significant improvements in disclosure after remediation, with the average score rising from 5.5 to 9.6 and 16 insurers achieving full compliance. Key deficiencies included unclear contractual information, missing regulatory legends and identifiers, incomplete disclosure of commissions and customer service details, and failures to evidence delivery of documents, which may still be subject to sanctions.
SupervisionReviews, inspections & stress testsAccounting and financial reporting
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2026-05-15•Mexico•CONDUSEF
Mexico’s National Commission for the Protection and Defense of Users of Financial Services published results of its 2025 transparency review of 21 group life insurers, finding 19 fully compliant after remediation and two partially compliant, with the average score rising from 6.0 to 9.8. The review identified deficiencies in contractual wording, statutory disclosures, contact details, claims and termination clauses, and online product information, which firms were required to correct. The authority stated that remediation does not preclude sanctions and that it will strengthen supervisory actions to improve information quality for users.
SupervisionReviews, inspections & stress testsAccounting and financial reporting
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2026-05-15•China•China Securities Regulatory Commission
The China Securities Regulatory Commission has issued Interim Measures for the Supervision and Administration of Derivatives Trading, its first rulebook for derivatives trading outside futures markets, covering swaps, forwards, non-standardized options and combinations. The measures define covered activities, ban use of derivatives for illegal conduct, strengthen trader protection and impose internal control and risk management requirements, including a minimum net capital of CNY 500 million for securities and futures companies. They take effect on 16 November 2026, after which non-compliant business cannot be expanded and must be wound down at maturity.
Policy & regulationRules & requirements
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2026-05-15•China•China Securities Regulatory Commission
The China Securities Regulatory Commission disclosed disciplinary action against Chu Tianhui, former Party committee member and deputy director of its Henan bureau, including expulsion from the Communist Party and dismissal from public office. Investigators found he accepted gifts and benefits, failed to report personal matters, conducted long-term illegal stock trading, improperly held unlisted company shares, and abused his supervisory role for others’ gain. His illegal proceeds were confiscated, and the Luohe supervisory commission transferred suspected criminal matters to prosecutors for review.
EnforcementInvestigations & enforcement actionsBribery and corruption
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2026-05-15•Singapore•Monetary Authority of Singapore
The Monetary Authority of Singapore has confirmed a shift to a more disclosure-based regime for complex products, removing mandatory financial advice for most such products while retaining safeguards for less knowledgeable investors. The revised framework enhances Product Highlights Sheets and labelling, classifies Investment-Linked Policies as complex products, and introduces pre-transaction alerts and customer knowledge checks. MAS will consult separately on legislative amendments to implement these changes.
Policy & regulationRules & requirementsConsumer and investor protection
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2026-05-15•Italy•Bank of Italy
The Bank of Italy reported that resident sectors recorded net bond issuance of EUR 15.8 billion in March 2026, driven by general government issuance, while benchmark yields on 3-year, 10-year and 30-year BTPs and CCTs rose in April. The Bank also added table SHI0100 to its Statistical Database, providing quarterly data on securities held by resident institutional sectors from December 2021 based on Eurosystem securities holders statistics.
Data & statisticsFinancial and market indicatorsSupervisory data
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2026-05-15•Italy•Bank of Italy
The Bank of Italy reported that general government debt rose to EUR 3,158.8 billion at end-March 2026, up EUR 19.5 billion from February, with a borrowing requirement of EUR 31.5 billion. This was financed mainly through EUR 20.7 billion in debt instrument transactions and a EUR 10.8 billion drawdown of Treasury liquid balances, which fell to EUR 64.0 billion, leaving debt net of those balances at EUR 3,094.8 billion. Medium and long-term securities remained the largest component at EUR 2,509.2 billion, with average residual maturity stable at 7.9 years.
Data & statisticsEconomic data and developmentsFinancial and market indicators
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2026-05-15•Laos•Bank of the Lao
The Bank of the Lao PDR reported that a Deputy Governor and officials received a courtesy visit from an Industrial and Commercial Bank of China board delegation led by board member Dong Yang, focusing on policy guidance, banking sector management and operating plans for ICBC’s Vientiane branch. The central bank stated that the visit aims to support the branch in aligning its internal policies with the Bank of the Lao PDR’s plans.
Policy & regulationGuidance & interpretationOther
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2026-05-15•Greece•Hellenic Capital Market Commission
The Hellenic Capital Market Commission and the Financial Services Regulatory Authority of ADGM have signed a memorandum of understanding establishing a formal framework for cooperation and mutual assistance on capital markets supervision and regulation. The MoU provides for structured information exchange and joint work on anti-money laundering, counter-terrorist and proliferation financing, sanctions compliance, investor protection, market integrity and cross-border supervision.
Policy & regulationCooperationCross-border cooperation
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2026-05-15•China•Central Bank of the Republic of China
The People's Bank of China Governor Pan Gongsheng met Visa Chief Executive Officer Ryan McInerney to discuss China–US trade and economic relations. The meeting also addressed Visa's business development in China.
Other
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2026-05-15•Europe•European Central Bank
The European Central Bank published research finding that euro area equity markets remain fragmented and that integration within the euro area has advanced more slowly than euro area investors’ integration with the United States. Using a structural gravity model, the study estimates that frictions on intra-euro area cross-border equity holdings fell by about 12 percentage points in tax-equivalent terms between 2014 and 2023, compared with about 25 percentage points for euro area-United States holdings. The research concludes that meeting EU savings and investments union objectives will require further reductions in fragmentation, including greater supervisory and regulatory harmonisation.
ResearchCross-border paymentsMarket development
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2026-05-15•Europe•European Central Bank
The European Central Bank published analysis showing that cross-country dispersion in euro area real GDP growth has fallen to relatively low levels, with recent differences driven mainly by demographic and labour market factors rather than productivity. Dispersion in real GDP per capita has generally declined since 2015, with recent growth differences largely explained by Germany’s weaker and Spain’s stronger performance, shaped by population dynamics, labour force participation and unemployment. The ECB warns that the war in the Middle East and related energy price pressures could again increase cross-country growth dispersion, especially in manufacturing and other energy‑intensive sectors.
ResearchEconomic data and developments