The Financial Market Stability Board (FMSG; Finanzmarktstabilitätsgremium) held its 47th meeting on 12 December 2025. The press release about the meeting can be found on the FMSG website (currently in German only) at FMSG – Presseaussendung.
The most important topics of the meeting:
Sectoral systemic risk buffer for commercial real estate lending
The FMSG has issued a recommendation to the Austrian Financial Market Authority (FMA) to set a sectoral systemic risk buffer (SSyRB) for commercial real estate lending of 2% from 01.07.2026 and 3.5% from 01.07.2027. By doing so, the banking sector’s resilience against identified systemic risks from the financing of commercial real estate should be strengthened.
The details have been defined in Recommendation FMSG/6/2025, which can be found on the FMSG website under Risikohinweise und Empfehlungen 2025.
Countercyclical Capital Buffer
The FMSG has issued a recommendation to the FMA to maintain a countercyclical capital buffer (CyCB) of 0% of domestic risk-weighted assets.
Work programme 2026
In 2026, the Board’s work programme will focus on systemic risks relating to real estate financing. In addition, the Board’s agenda will include periodic evaluations of the CyCB, the capital buffer for other systemically important institutions (O-SII buffer), and the general systemic risk buffer (SyRB).