On May 8, ESP CB decided to reciprocate SyRB related measure.
ESP CB decided to reciprocate Norwegian macroprudential measure as of Sep. 1, 2025.
Follows ESRB Feb. 2025 published Norway recommendation in EU OJ see #243553.
Overview
Macroprudential measure in Norway requires SyRB with effect from Sep. 1, 2025.
Per it, Banco Santander must comply with SyRB requirement per exposures in Norway.
ESP CB analyzes on a case-by-case basis each request for reciprocation of macro measures by authorities of other States affecting banking sector, endorsed by ESRB.
Recommendation ESRB/2024/7 refers to macroprudential measure implemented by the designated authority in Norway pursuant to art 133(12) CRD, consisting of a SyRB of 4.5% on all exposures located in Norway.
Norway’s designated authority notified ESRB of measure, requested it recommend its reciprocation across EU, ESRB issued Recommendation ESRB/2024/7, calling on the relevant authorities of EU Member States to adopt reciprocating measures.
ESP CB, as designated authority to adopt measures on macroprudential capital buffer requirements, considered advisable to act on ESRB’s recommendation.
That, taking into account materiality of Spanish banks’ exposures to Norwegian market and grounds for contributing to the measure’s effectiveness in Norway.
Thus, it set for Banco Santander SA, on consolidated, sub-consolidated, individual basis, SyRB rate of 4.5% from Sep. 1, 2025, applicable to all exposures in Norway.
Notified proposed measure to Spanish macroprudential authority (AMCESFI) pursuant to art 16 RD 102/2019, per art 11 AMCESFI issued favorable opinion on this measure.
ESRB and ECB have also been notified in accordance with art 134.2 of the CRD.
Third SyRB macroprudential measure of EU states reciprocated by ESP CB to date.
Previous 2, Portugal and Italy, announced in May and Oct. of 2024, respectively.
Effectiveness
SyRB requirement applies to Santander as of Sep. 1, 2025.
