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Voluntary reciprocity

In the European Union, the national authorities responsible for financial stability, such as Banco de Portugal, may decide to impose the same, or equivalent, measures, as those set by the competent or relevant authorities of another jurisdiction, regarding exposures to the risk in their own Member State. The concept of ‘voluntary reciprocity’ was introduced by the Recommendation of the European Systemic Risk Board ESRB/2015/2.

Notice of Banco de Portugal No. 3/2016 provides for the information items to be disclosed by Banco de Portugal regarding the decisions on voluntary reciprocity it may adopt following macroprudential measures implemented by competent authorities or designated authorities of other Member States.


Measures in force (adoption of voluntary reciprocity)

Belgium (Article 458 of the CRR)
Sweden (Article 458 of the CRR)
Norway (Article 133 CRD IV and Article 458 CRR)
Luxembourg (LTV limits)

Measures in force (non-adoption of voluntary reciprocity)

France (Article 458 of the CRR)
Revoked measures

Finland - Finanssivalvonta - Article 458 of the CRR - revoked by ESRB/2020/16 Recommendation. Memo items: Analysis and Decision

Estonia - Eesti Pank - Article 133 of the CRD IV - revoked by ESRB/2020/9 Recommendation. Memo items: Analysis and Decision

Belgium  National Bank of Belgium - Article 458 of the CRR - revoked by ESRB/2018/1 Recommendation. Memo items: Analysis and Decision

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