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Related Pages
Sectoral systemic risk buffer
The systemic risk buffer (SyRB) is one of the macroprudential tools available in the Banco de Portugal’s toolkit. It can be applied to prevent and/or mitigate the level of systemic risk not covered by other macroprudential tools of the Capital Requirements Directive and Regulation.
This is a buffer that can be applied to the risk exposure amount of all or a subset of exposures and consists of Common Equity Tier 1 (CET1) capital.
When applied on a sectoral basis, i.e. to a subset of exposures, it is called the “sectoral systemic risk buffer”.
The sectoral SyRB aims to increase the financial system's resilience to the possible materialisation of sector or exposure-specific systemic risk. Thus, should risk materialise, the full or partial release of this buffer will provide sufficient resilience to absorb losses in the portfolio subject to the SyRB.
Title VII‐A – Section V of the Legal Framework of Credit Institutions and Financial Companies (RGICSF) establishes the legal basis for the implementation of the systemic risk buffer in Portugal.
The systemic risk buffer is calculated according to the formula in Article 138-U(2) of the RGICSF: the capital requirement for each institution is calculated by multiplying the buffer rate set by the macroprudential authority by the risk exposure amount of the exposures (total amount and/or amount of subset of exposures subject to the buffer), calculated in accordance with Article 92(3) of Regulation (EU) No 575/2013. The macroprudential authority may set the buffer in adjustment steps of 0.5 percentage points or multiples thereof.
Should systemic risk materialise in Portugal, the Banco de Portugal will consider reducing the (total and/or sectoral) systemic risk buffer rate, and indicate the period during which an increase in this buffer is not anticipated. This measure will be reviewed at least every two years.
The implementation of the sectoral systemic risk buffer should follow the European Banking Authority’s Guidelines (EBA/GL/2020/13) on the appropriate subsets of sectoral exposures to which competent or designated authorities may apply a systemic risk buffer in accordance with Article 133(5)(f) of Directive 2013/36/EU.
Decision on the sectoral systemic buffer rate applicable to banking groups using the internal ratings-based (IRB) approach:
as of 1 October 2024, 4% on risk exposure amount of all retail exposures to natural persons which are secured by residential property located in Portugal. This percentage must be reviewed at least every two years by the Banco de Portugal (Article 138-U(5)(b) of RGICSF) or if the systemic risk level in the Portuguese residential property market changes.
Related documents
Legislation / Regulation