Cooperation with the European Systemic Risk Board

The Federal Institute cooperates closely with the European Systemic Risk Board and takes into account the warnings and recommendations issued by it under Article 16 of Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (OJ L 331, 15.12.2010, p. 1), as amended by Regulation (EU) 2019/2176 (OJ L 334, 27.12.2019, p. 146). The Federal Institute notifies the European Systemic Risk Board of every change to the countercyclical capital buffer rate under section 10d, of the basis for calculating the rate under the statutory instrument under section 10(1), first sentence, point 5, and of the period of application of the rate, and informs it of the fact where the Federal Institute, in setting the countercyclical capital buffer rate, has taken into account variables within the meaning of the statutory instrument under section 10(1), first sentence, point 5, and the rate would have been lower without taking them into account.