The Financial Market Stability Board (FMSG; Finanzmarktstabilitätsgremium) held its 49th meeting on 25 June 2026. The press release about the meeting can be found on the FMSG website (currently in German only) at FMSG – Presseaussendungen.
Its thematic focus was on discussing structural systemic risks. The Board also discussed the impacts of the sectoral systemic risk buffer on the granting of credit and credit interest, the development of loan origination standards for private residential real estate lending as well as the risks related to investment funds and private credit. The Board’s recommendation on the Countercyclical Capital Buffer remained unchanged.
Structural systemic risks
Macroprudential capital buffers strengthen the Austrian banking system’s risk bearing capacityagainst structural risks. These consist of the systemic risk buffer and the buffer for systemically important institutions. The Board discussed the bases for both buffers. The specific levels are intended to be determined in autumn 2026.
Sectoral systemic risk buffer for commercial real estate lending
The Oesterreichische Nationalbank (OeNB) has determined that neither credit volumes nor interest have been influenced by the sectoral systemic risk buffer. The buffer increases the risk bearing capacity without restricting financing activities.
Lending standards relating to private residential immovable property
The proportion of loans that are outside of the FMSG criteria have increased moderately following the Regulation governing this having expired, but remains below 20% of new lending. Its development will continue to be observed.
Private Credit
Private credit is growing internationally, but remains a small issue in Austria. No systemic risks currently exist from direct exposure. The Austrian Financial Market Authority (FMA) and the OeNB are currently working on improving data quality.
Countercyclical Capital Buffer
The FMA recommends the FMA to leave the Countercyclical Capital Buffer at 0% of domestic risk-weighted assets. The indicators are not showing any increased risks for the financial cycle.
Geopolitical developments are however increasing uncertainty, impacting growth, inflation and interest rates. Cautious risk controlling and adequate provisioning therefore remain material.