希腊：金融部门评估计划关于宏观审慎政策框架和工具的技术说明

IMF CountryReport No.26/144 GREECE FINANCIALSECTOR ASSESSMENT PROGRAM June2026 TECHNICAL NOTE ONMACROPRUDENTIAL POLICY ThisTechnical Note onMacroprudential Policy Framework and Toolsfor theGreeceFSAPwas prepared by a staff team of the International Monetary Fund as backgrounddocumentation for the periodic consultation with the member country. It is based on the Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.orgPrice: $18.00per printed copy International Monetary Fund GREECE FINANCIAL SECTORASSESSMENTPROGRAM May 21,2026 TECHNICAL NOTE MACROPRUDENTIAL POLICY FRAMEWORK ANDTOOLS This Technical Note was prepared by IMF staff in thecontext of the Financial Sector Assessment Programmission inGreece. It contains technical analysis anddetailed information underpinning the FSAP’sfindings and recommendations. Further information Prepared ByMonetary and CapitalMarkets Department GREECE CONTENTS Glossary__________________________________________________________________________________________4 EXECUTIVE SUMMARY__________________________________________________________________________6 INTRODUCTION_________________________________________________________________________________9 INSTITUTIONAL FRAMEWORK________________________________________________________________10 A. Willingness to Act_____________________________________________________________________________10B. Ability to Act__________________________________________________________________________________13C. Interagency Cooperation and Coordination___________________________________________________15D. Recommendations____________________________________________________________________________18 OPERATIONAL CAPACITY______________________________________________________________________18 A. Resources_____________________________________________________________________________________18B. Data Availability and Gaps____________________________________________________________________19C. Risk Analysis and Modeling___________________________________________________________________21D. Policy Design and Evaluation_________________________________________________________________26 SYSTEMIC RISK AND MACROPRUDENTIAL POLICY__________________________________________27 A. Broad-Based Vulnerabilities and Tools________________________________________________________28B. Corporate Vulnerabilities and Macroprudential Settings______________________________________36C. Household Vulnerabilities and Tools__________________________________________________________38D. Vulnerabilities Arising from Banks’ Sovereign Exposures______________________________________46E. Vulnerabilities in Structural Dimensions and Tools____________________________________________49 References_______________________________________________________________________________________54 BOXES 1. BoG’s Real Estate Monitoring Framework_____________________________________________________232. Using Stress Tests to Calibrate the PN CCyB Target Rate______________________________________333. Developments in the CRE Sector______________________________________________________________384. Residential Real Estate Price-at-Risk__________________________________________________________41 FIGURES 1. Systemic Risk Heatmap_______________________________________________________________________222. Broad Credit Conditions_______________________________________________________________________293. Additional Cyclical Indicators__________________________________________________________________30 4. NFC Debt and Credit Quality__________________________________________________________________36 5. Aggregate Credit to the Household Sector____________________________________________________39 6. Developments in the RRE Sector______________________________________________________________40 7. Macroprudential Borrower-Based Measures and First Year of Activation______________________43 8. Sovereign-Bank Nexus________________________________________________________________________47 9. O-SII Buffers__________________________________________________________________________________4910. Non-Bank Financial Institutions______________________________________________________________51 TABLES 1. Key Recommendations on Macroprudential Policy_____________________________________________82. Macroprudential Policy ToolsUnder the Bank of Greece’s Remit______________________________143. Risk Assessment Frameworks and Tools_______________________________________________________244. Current Macroprudential Settings_____________________________________________________________28 Glossary AIFMAlternative Investment Fund ManagerBBMsBorrower-BasedMeasuresBCBSBasel Committee on Banking SupervisionBISBank for International SettlementsBoGBank