The Financial Market Stability Board (FMSG; Finanzmarktstabilitätsgremium) held its 46th meeting on 1 October 2025. The press release relating to the meeting can be found on the FMSG website (currently in German only) at FMSG – Presseaussendung zur 46. Sitzung des Finanzmarktstabilitätsgremiums.
The most important topics of the meeting:
Countercyclical capital buffer (CyCB)
The Board recommended the Austrian Financial Market Authority (FMA) to continue to leave the CyCB unchanged at a rate of 0% of domestic risk-weighted assets. The new methodology developed by the Oesterreichische Nationalbank (OeNB) for the calculation of the buffer amount was applied for the first time.
Details are contained in Recommendation FMSG/3/2025 (currently in German only). The indicators dashboard can be found on the OeNB website (with option to select an English language version).
Capital buffer for other systemically important unstitutions (O-SII buffer)
In its annual evaluation of the O-SII buffer, the FMSG recommends to leave the list of systemically important institutions as well as the O-SII buffer level unchanged. Details are contained in Recommendation FMSG/4/2025 (currently in German only).
Commercial Real Estate Financing
In October 2024 the Board recommended to set the sectoral systemic risk buffer for commercial real estate financing in the first instance at 1% and to evaluate the necessity for further increases once initial reporting data existed (FMSG/6/2024). Current economic developments are also taken into account. The OeNB’s analyses show that systemic risks continue to exist, and that hardly any increase was observed in the amount of equity capital backing of financing of commercial real estes as a consequence of the implementation of CRR III.
Rules of Procedure and Freedom of Information
The Board revised its Rules of Procedure and in so doing also took into account the requirements arising from the new Freedom of Information Act (IFG; Informationsfreiheitsgesetz). The Board’s information offering will be extended in the future: In addition to the Board’s press releases and recommendations, dates of meetings, the terms of Board members and minutes of meetings will also be published.
The Board’s Rules of Procedure can be found on the FSMG website (in German only).