The Council can recommend the activation of the systemic buffer, if the Council finds that there are systemic risks not addressed by other macroprudential tools.
It is the Minister of Industry, Business and Financial Affairs that can activate the systemic risk buffer, and either comply with a recommendation by the Council or explain why the recommendation is not followed.
The Council is in the process of assessing the need to activate the systemic risk buffer. The Council expects to complete its assessment as to whether the buffer should be activated, and if so, at what level during 2022. Therefore, the Council recommends to the Minister for Industry, Business and Financial Affairs not to activate the systemic risk buffer at present. From 2022 onwards, the Minister of Industry, Business and Financial Affairs is expected to assess the systemic risk buffer at least every two years.