Eurosystem High Level Task Force on NBFI final report published in Europe; data hub at ESMA enables cross-border data sharing

Eurosystem High Level Task Force on NBFI final report published in Europe; data hub at ESMA enables cross-border data sharing

Strengthening the Macroprudential Framework for Non-bank Financial Intermediation | Deutsche Bundesbank

Strengthening the Macroprudential Framework for Non-bank Financial Intermediation

Since the global financial crisis, non-bank financial intermediaries(NBFIs)—including funds, insurers, and pension funds—have grown significantly. In Germany, theNBFIsector now holds around 40 % of the financial assets within the financial system, with its share having increased by 15 percentage points since 2009. This development supports a diversified financing of the real economy and promotes cross-border investment. At the same time, recent episodes of market stress have demonstrated thatNBFIactors can also pose systemic risks to the entire financial system, particularly in light of increasing cross-border interconnectedness and links with the banking sector. Examples include the “dash for cash” during theCOVID-19 market turmoil in March 2020 and the turbulence surroundingLDIstrategies ofUKpension funds during theUKgilt crisis in 2022.

Against this backdrop, the Eurosystem, with strong involvement from the Bundesbank, has established a High Level Task Force onNBFI.The Task Force has developed proposals to further enhance the macroprudential framework for theNBFIsector, with the aim of strengthening the resilience of the financial system. The final report has now been published, with the following key recommendations:

Internationally agreed reforms for theNBFIsector must be implemented promptly and consistently in Europe. Central to this are the recommendations of the Financial Stability Board(FSB),which aim to increase the resilience of theNBFIsector and the financial system as a whole.

Enhanced data availability in theNBFIsector is necessary for central banks to effectively fulfill their financial stability mandate. Accessible and high-quality data form the basis for effective macroprudential monitoring, the development of appropriate macroprudential measures, and the conduct of stress tests. Efficient cross-border data access and sharing of existing data, improved data quality, and the harmonization of key datasets are crucial. In addition to targeted legal changes to improve data access and sharing, a central mechanism for operational access to and sharing of relevant data is supported, e.g. a data hub atESMA.Further measures are recommended to strengthen existing reporting, particularly in less transparent areas such as private debt and hedge funds.

A flexible macroprudential tool is recommended to limit liquidity risks in investment funds, for example by extending redemption notice periods. The proposed design is based on the existing tool for limiting leverage risks.

Macroprudential governance should be improved through stronger cooperation and coordination between European authorities and central banks, withESMA– in cooperation with theESRB– playing a central role. The reciprocal application of macroprudential measures should be voluntary, following a “comply or explain” principle. In addition,ESMA– in cooperation withESRB– should be granted top-up powers to recommend stricter requirements or to expand existing tools.

Work on a European system-wide stress test should be further advanced to capture and assess contagion risks between the banking andNBFIsectors.

The report “Strengthening the macroprudential lens in the regulation of non-bank financial intermediation” was prepared by a High Level Task Force of the Financial Stability Committee(FSC)of the Eurosystem. The findings are intended to contribute to the targeted revision of the macroprudential framework for theNBFIsector.

Strengthening the macroprudential lens in the regulation of non-bank financial intermediation05.05.2026 | European Central Bankecb.europa.eu

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Climate change poses huge challenges for the financial sector, too. TheBundesbanksupports the transition to a low-carbon economy.

OrganisationbackOverview OrganisationExecutive BoardbackOverview Executive BoardProfessor Joachim NagelDr Sabine MaudererBurkhard BalzLutz LienenkämperMichael TheurerProfessor Fritzi Köhler-GeibCOO and DirectoratesCompliance and legal regulationsGTC and legal basisMission Statement and Strategy of the BundesbankThe Bundesbank: key figuresDirections

Executive BoardbackOverview Executive BoardProfessor Joachim NagelDr Sabine MaudererBurkhard BalzLutz LienenkämperMichael TheurerProfessor Fritzi Köhler-Geib

Mission Statement and Strategy of the Bundesbank

Regional Offices and branchesbackOverview Regional Offices and branchesBaden-WürttembergbackOverview Baden-WürttembergBranchesPresidentBavariabackOverview BavariaBranchesPresidentBerlin and BrandenburgbackOverview Berlin and BrandenburgBranchPresidentBremen, Lower Saxony and Saxony-AnhaltbackOverview Bremen, Lower Saxony and Saxony-AnhaltBranchesPresidentHamburg, Mecklenburg-West Pomerania and Schleswig-HolsteinbackOverview Hamburg, Mecklenburg-West Pomerania and Schleswig-HolsteinBranchesPresidentHessebackOverview HesseBranchPresidentNorth Rhine-WestphaliabackOverview North Rhine-WestphaliaBranchesPresidentRhineland-Palatinate and SaarlandbackOverview Rhineland-Palatinate and SaarlandBranchesPresidentSaxony and ThuringiabackOverview Saxony and ThuringiaBranchesPresident

Overview Regional Offices and branches

Berlin and BrandenburgbackOverview Berlin and BrandenburgBranchPresident

Bremen, Lower Saxony and Saxony-AnhaltbackOverview Bremen, Lower Saxony and Saxony-AnhaltBranchesPresident

Overview Bremen, Lower Saxony and Saxony-Anhalt

Hamburg, Mecklenburg-West Pomerania and Schleswig-HolsteinbackOverview Hamburg, Mecklenburg-West Pomerania and Schleswig-HolsteinBranchesPresident

Overview Hamburg, Mecklenburg-West Pomerania and Schleswig-Holstein

Rhineland-Palatinate and SaarlandbackOverview Rhineland-Palatinate and SaarlandBranchesPresident

Saxony and ThuringiabackOverview Saxony and ThuringiaBranchesPresident

Research and Research DatabackOverview Research and Research DataResearch CentrebackOverview Research CentreResearch Professors, Research Council and Research FellowsResearch Areas and ProgrammePeopleResearch BriefDiscussion PapersRefereed PublicationsSeminarsInvited Speakers SeriesResearch Data and Service CentrebackOverview Research Data and Service CentreResearch DataYour research project at the RDSCAbout the RDSCINEXDAPublicationsConferencesResearch Visit and InternshipPanel on Household Finances (PHF)backOverview Panel on Household Finances (PHF)About the PHFMethodologyUser-DocumentationData access and data protectionLinks and documentsSurvey on Consumer Expectations (BOP‑HH)Survey of firms (BOP-F)

Overview Research and Research Data

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Research Professors, Research Council and Research Fellows

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Your research project at the RDSC

Panel on Household Finances (PHF)backOverview Panel on Household Finances (PHF)About the PHFMethodologyUser-DocumentationData access and data protectionLinks and documents

Overview Panel on Household Finances (PHF)

Data access and data protection

Survey on Consumer Expectations (BOP‑HH)

Library and archivesbackOverview Library and archivesLibraryHistorical archive

ArtbackOverview ArtExhibitions & viewing timesPaintings and works on paperSculptures and installationsPublications

Paintings and works on paper

NumismaticsbackOverview NumismaticsCollectionSelected objectsPictures archivePublicationsExhibitionNumismatic libraryContact

Money MuseumbackOverview Money MuseumVisitor InformationExhibitionsOffers for GroupsLecturesMuseum discovery tours

International Central Bank DialoguebackOverview International Central Bank DialogueAbout usInternational Central Banking CoursesbackOverview International Central Banking CoursesApplication procedurePast coursesBilateral cooperationEU-funded projectsFrequently asked questionsRepresentative networkNewsletterContact

Overview International Central Bank Dialogue

International Central Banking CoursesbackOverview International Central Banking CoursesApplication procedurePast courses

Overview International Central Banking Courses

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