Recommendation by the Standing Committee

On 5 November 2020 the Norwegian Ministry of Finance notified the European Systemic Risk Board (ESRB) and the Standing Committee of the EFTA States of its intention to set a Systemic Risk Buffer rate in accordance with Article 133 of Directive (EU) 2013/36/EU (CRD IV), as it was adapted and incorporated into the EEA Agreement with Joint Committee Decision No. 79/2019.

The Ministry’s notification required the Standing Committee and the ESRB to issue their Recommendations on the intended measures within a month from the notification.

This is the first time the Standing Committee of the EFTA States exercises this role, following the setup of the European System of Financial Supervision as it was integrated into the EEA Agreement in October 2016. The Recommendation was adopted via written procedure on Friday 4 December and sent to the relevant parties the same day.