Informing the positive neutral countercyclical capital buffer using stress test data
Prepared by Marianna Caccavaio, Carlo Cascini, Cyril Couaillier, Giorgia De Nora, Mara Pirovano and Frances ShawPublished as part of the Macroprudential Bulletin 32, November 2025.Early activation of the countercyclical capital buffer (CCyB), including adoption of a targeted “positive neutral” rate (PNR), has become an increasingly common practice w...

















