Measures recommended for reciprocity to Recommendation ESRB/2015/02 between 2017 – 2025

In order to ensure a level playing field framework and to avoid regulatory arbitrage in the single market, the European Systemic Risk Board (ESRB) recommends that national macroprudential authorities recognize the macroprudential measures adopted by other Member States on the basis of ESRB Recommendation / 2015 / 2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures. According to the principle of reciprocity through voluntary recognition provided by the European regulatory framework, NCMO may recognize the measures adopted by other Member States, which is equivalent to the application of those measures or similar measures by credit institutions in Romania that provide financial services in that Member State directly or through branches.

The table below summarizes the active measures recommended for reciprocity in Recommendation ESRB / 2015/02 with subsequent amendments, as well as the decision adopted by NCMO on the appropriateness of their recognition by voluntary reciprocity.

Country	Measure	Materiality threshold	Timeframe for validity	The decision of the NCMO[1]
Norway	(i) a 20 percent floor for (exposure-weighted) average risk weights for exposures to residential real estate located in Norway, as applied in Norway until 30 June 2025, which increases to a 25 percent floor from 1 July 2025, to credit institutions authorised in Norway using the internal ratings-based (IRB) approach for calculating regulatory capital requirements; (ii) a 35 percent floor for (exposure-weighted) average risk weights for exposures to commercial real estate located in Norway, to credit institutions authorised in Norway using the IRB approach for calculating regulatory capital requirements.	(i) NOK 37.8 billion, at the level of each credit institution (ii) NOK 9.3 billion, at the level of each credit institution	(i)01.07.2025 – present (ii)31.12.2024 – present	During the meeting of October 9, 2025, the NCMO decided not to voluntarily reciprocate the macroprudential measures of Norway, taking into account the insignificant eligible exposures, which are below the proposed materiality thresholds.
Germany	Resetting the existing systemic risk buffer rate to 1 percent on all exposures, both retail and non-retail, to natural persons and all exposures to legal persons which are both secured by residential property located in Germany and for which that collateral is considered to reduce supervisory own funds requirements.	EUR 10 billion, at the level of each credit institution	01.05.2025 – present	During the meeting of October 9, 2025, the NCMO decided not to voluntarily reciprocate the macroprudential measure of Germany, taking into account the insignificant eligible exposures, which are below the proposed materiality threshold.
Sweden	(i)A credit institution-specific floor of 25 percent for the exposure-weighted average of the risk weights applied to the portfolio of retail exposures to obligors residing in Sweden secured by immovable property; (ii) an exposure-weighted risk weight credit institution-specific minimum level (floor) of 35 percent for certain corporate exposures in Sweden secured by mortgages on immovable commercial properties and an exposure-weighted risk weight credit institution-specific minimum level (floor) of 25 percent for certain corporate exposures in Sweden secured by mortgages on immovable residential properties.	EUR 5 billion, at the level of the credit institution	(i)Starting 31.12.2025 (ii)30.09.2025 – present	During the meeting of October 9, 2025, the NCMO decided not to voluntarily reciprocate the macroprudential measures of Sweden, taking into account the insignificant eligible exposures, which are below the proposed materiality threshold.
Norway	A 4,5 percent systemic risk buffer rate on domestic exposures of all credit institutions authorized in Norway, on a consolidated, sub-consolidated and individual basis.	NOK 5 billion, at the level of each credit institution	12.02.2025 – present	During the meeting of April 10, 2025, the NCMO decided not to voluntarily reciprocate the macroprudential measure of Norway, taking into account the insignificant eligible exposures, which are below the proposed materiality threshold.
Italy	A 0,5 per cent systemic risk buffer rate on all credit risk exposures and counterparty credit risk exposures located in Italy, applicable from 31 December 2024 until 29 June 2025; increasing to a 1 per cent systemic risk buffer rate on all credit risk exposures and counterparty credit risk exposures located in Italy, applicable from 30 June 2025.	EUR 25 billion, at the level of each credit institution	31.12.2024 – present	During the meeting of October 17, 2024, the NCMO decided not to voluntarily reciprocate the macroprudential measure of Italy, taking into account the insignificant eligible exposures, which are below the proposed materiality threshold.
Denmark	A 7 per cent sectoral systemic risk buffer rate on all types of exposures located in Denmark to non-financial corporations operating in real estate activities and in the development of building projects identified in accordance with the statistical classification of economic activities in the Union, set out in Regulation (EC) No 1893/2006, with the exception that the part of each exposure that lies within a loan-to-value ratio range of 0 to 15 per cent shall be excluded from the exposures to which the sectoral systemic risk buffer applies.	EUR 200 million, at the level of each credit institution	30.07.2024 – present	During the meeting of October 17, 2024, the NCMO decided not to voluntarily reciprocate the macroprudential measure of Denmark, taking into account the insignificant eligible exposures, which are below the proposed materiality threshold.
Portugal	A 4 per cent sectoral systemic risk buffer rate on all IRB retail exposures to natural persons secured by residential immovable property for which the collateral is located in Portugal.	EUR 1 billion, at the level of each credit institution	01.10.2024 – present	During the meeting of June 18, 2024, the NCMO decided not to voluntarily reciprocate the macroprudential measure of Portugal, taking into account the insignificant eligible exposures, which are below the proposed materiality threshold.
Belgium	A 6 per cent systemic risk buffer rate on all IRB retail exposures to natural persons secured by residential immovable property for which the collateral is located in Belgium.	EUR 2 billion, at the level of each credit institution	01.04.2024 – present	During the meeting of December 14, 2023, the NCMO decided not to voluntarily reciprocate the macroprudential measure of Belgium, taking into account the insignificant eligible exposures, which are below the proposed materiality threshold.
Lithuania	Implementation of a 2 per cent systemic risk buffer rate on all retail exposures to natural persons resident in the Republic of Lithuania, which are secured by residential property.	EUR 50 million (materiality threshold set for the amount of exposures arising from loans granted to borrowers in Lithuania)	01.07.2022 – present	During the meeting of March 31, 2022, the NCMO decided not to voluntarily reciprocate the macroprudential measure of Lithuania, taking into account the insignificant eligible exposures, which are below the proposed materiality threshold.
The Netherlands	Introduction of a minimum average risk weight applied by credit institutions using the internal ratings-based (IRB) approach in relation to their portfolios of exposures to natural persons secured by residential property located in the Netherlands.	EUR 5 billion, at the level of each credit institution	01.01.2022 – present	During the meeting of March 31, 2022, the NCMO decided not to voluntarily reciprocate the macroprudential measure of the Netherlands, taking into account the insignificant eligible exposures, which are below the proposed materiality threshold.
Luxembourg	Legally binding loan-to-value (LTV) limits for new mortgage loans on residential real estate located in Luxembourg, with different LTV limits applicable to different categories of borrowers: (i) LTV limit of 100 per cent for first-time buyers acquiring their primary residence; (ii) LTV limit of 90 per cent for other buyers i.e. non first-time buyers acquiring their primary residence. This limit is implemented in a proportional way via a portfolio allowance. Specifically, lenders may issue 15 per cent of the portfolio of new mortgages granted to these borrowers with an LTV above 90 per cent but below the maximum LTV of 100 per cent; (iii) LTV limit of 80 per cent for other mortgage loans (including the “buy-to-let” segment).	• EUR 350 million (1 percent of the total Luxembourg real estate market) OR •EUR 35 million (institution-specific materiality threshold for total cross-border mortgage loans to Luxembourg)	01.01.2021 – present	During the meeting of June 3, 2021, the NCMO decided not to voluntarily reciprocate the macroprudential measure of Luxembourg, taking into account the insignificant eligible exposures, which are below the proposed materiality threshold.

Source: ESRB

[1] The relevant exposures to the measures in question will be monitored periodically, and the NBR will propose actions to be taken if they become significant.