IMF Staff Country Reports

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.