The Financial Market Stability Board (FMSG; Finanzmarktstabilitätsgremium) held its 45th meeting on Wednesday, 4 June 2025. The press release relating to the meeting can be found on the FMSG website at FMSG – Press Release about the 45th meeting of the Financial Market Stability Board.
The most important topics of the meeting:
- The Countercyclical Capital Buffer (CCyB) should remain at 0%. From the 46th meeting of the FMSG onwards, a new methodology will be used to assess cyclical risks. A CCyB of 0% would also be calculated under this methodology.
- There are currently no systemic risks arising from the leveraged financing of alternative investment funds in Austria at this time.
- Real estate funds continue to display a high liquidity incongruence, that is also noticeable in comparison with the EU. An amendment to the law in 2021 addresses this issue inter alia by introducing a 12-month notice period for termination. The FMSG also highlights the position that has been repeatedly presented by the FMA and the OeNB, namely that a “hurdle rate” would thwart the objective of that amendment.
Further information about the recommendation on applying the Countercyclical Capital Buffer (FMSG/2/2025) can be found at: FMSG – Recommendation: guidance on applying the countercyclical capital buffer (FMSG/2/2025).