Budapest, 30 September 2026 – The MNB has left unchanged the 1 percent level of the Countercyclical Capital Buffer (CCyB) rate, along with the 1-1 percent rates of the sectoral Systemic Risk Buffers applied in relation with residential and commercial real estate market risks. The MNB strengthens banks’ resilience against cyclical and real estate market shocks in a targeted manner with the decision without materially hindering bank lending capacity.
The cyclical systemic risk map (CSRM) monitored by the MNB and the cyclical systemic risk index (CSRI) summarising its main indicators overall indicate a slowly increasing, but still low, neutral level of cyclical systemic risks in the financial system. The risks of real estate market exposures are increasing due to overvaluation in the housing market and increased collateral encumbrance. However, the MNB addresses the persistent, substantial overvaluation of the housing market and the risks surrounding the commercial real estate market in a targeted manner, by applying a 1 percent sectoral Systemic Risk Buffer (sSyRB) to both segments from 1 January 2026.
Accordingly, setting a requirement exceeding the 1 percent CCyB rate prescribed by the central bank in a neutral risk environment is not justified. In view of all this, the MNB will maintain the 1 percent CCyB rate applicable to domestic exposures from 1 July 2025 also from 1 October 2027 onwards.
The MNB also reviewed the appropriateness of the 1% sSyRB rates applied to exposures in the domestic residential and commercial real estate markets. Given that risks in the residential and commercial real estate markets have not changed significantly since the introduction of the sSyRB rates, the MNB decided to maintain these at their current levels.
The MNB reviews the CCyB rate applicable to domestic exposures on a quarterly basis, and the level of the sSyRB at least annually..
Information on the countercyclical capital buffer and its operation
Information on the systemic risk buffer and its operation
Magyar Nemzeti Bank