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Estonia - This measure was terminated on 30 May 2019


  • Eesti Pank: 1% systemic risk buffer rate, applied to all exposures located in Estonia of institutions authorised in Cyprus.

On 19 June 2017, the Central Bank of Cyprus (CBC) decided to reciprocate the macroprudential measure that was adopted by Eesti Pank, which was recommended for reciprocation by the European Systemic Risk Board (ESRB) through its Recommendation ESRB/2016/4. The CBC's desicion entered into force retrospectively from 24 September 2016.

The Estonian measure that the CBC reciprocated, constituted a 1% systemic risk buffer rate on all exposures located in Estonia of institutions that are subject to the provisions of Law 6(I) of 2015, i.e. credit institutions authorised in Cyprus and those Cyprus investment firms that provide the investment services of dealing on own account and/or underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis.

The ESRB Recommendation ESRB/2016/4 recommending the reciprocity of the Estonian macroprudential measure, is available at: ESRB/2016/4.

The measure was reset by Eesti Pank and complemented by a de minimis limit for reciprocity purposes via the ESRB Recommendation with reference ESRB/2019/1, which was published on 20 March 2019.

The CBC decided on 30 May 2019 not to reciprocate the new Estonian measure and to terminate the existing CBC reciprocation decision.

The ESRB Recommendation ESRB/2019/1 recommending the reciprocity of the revised Estonian macroprudential measure, is available at: ESRB/2019/1.