Austria: Financial Sector Assessment Program-Technical Note on Macroprudential Policy Framework and Tools

International Monetary Fund

No 2026/227, IMF Staff Country Reports from International Monetary Fund

Abstract: Austria’s macroprudential framework has matured since the pandemic, but continued vigilance and proactive adaptation are needed to safeguard financial stability. The authorities have built a collaborative institutional setup involving the Oesterreichische Nationalbank (OeNB), Financial Market Authority (FMA), and Ministry of Finance (BMF), with the Financial Market Stability Board (FMSB) as the central decision-making body. The financial sector is resilient, with high profits and robust capital levels, supported by active use of macroprudential measures such as systemic risk buffers and borrower-based regulations. However, rising risks in the commercial real estate (CRE) sector, ongoing geopolitical tensions, and evolving European regulatory requirements underscore the need for Austria to maintain a strong, adaptive macroprudential framework.

Pages: 47
Date: 2026-08-18
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