Key Takeaways
- • The European Commission's DG FISMA has asked the European Supervisory Authorities (ESAs) to deliver technical advice assessing private credit activities and exposures of selected EU banks and non-bank financial intermediaries (NBFIs).
- • The advice is to establish common definitions of private credit activities, map exposures, identify reporting data gaps on a best-effort basis, assess retail investor participation, and map bank-NBFI interconnections through lending and investment exposures.
- • The European Banking Authority published the Call for Technical Advice on 24 September 2026, with delivery requested within six months of receipt, to the extent possible.
- • The European Parliament and the Council will be informed, and the request will be posted on the DG FISMA website once transmitted to the ESAs.
Summary
On 24 September 2026, the European Banking Authority (EBA) published a Call for Technical Advice to the European Supervisory Authorities (ESAs), a request originating from the Directorate General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) of the European Commission. The mandate asks the ESAs to produce an assessment of private credit activities and the exposures of selected EU banks and non-bank financial intermediaries (NBFIs).
The Commission's request centers on five workstreams. The ESAs are asked to identify common definitions of private credit activities, with granularity where needed; map the exposures of the institutions in scope; identify data gaps in the existing reporting framework, on a best-effort basis; assess the level of retail investor participation in private credit; and map the interconnections between banks and NBFIs arising from private credit lending and investment exposures.
The Commission has requested delivery, to the extent possible, within six months of the ESAs receiving the Call for Advice. The European Parliament and the Council will be informed of the request. The document will be published on the DG FISMA website once it has been transmitted to the ESAs.
The mandate signals regulatory attention to the growing linkages between the regulated banking sector and non-bank lenders in private credit markets. The emphasis on a common taxonomy and data gaps suggests that supervisors currently lack consistent measurement of these exposures across the EU. The explicit focus on retail participation also indicates scrutiny of whether private credit exposure is reaching a broader investor base.
The Commission's request centers on five workstreams. The ESAs are asked to identify common definitions of private credit activities, with granularity where needed; map the exposures of the institutions in scope; identify data gaps in the existing reporting framework, on a best-effort basis; assess the level of retail investor participation in private credit; and map the interconnections between banks and NBFIs arising from private credit lending and investment exposures.
The Commission has requested delivery, to the extent possible, within six months of the ESAs receiving the Call for Advice. The European Parliament and the Council will be informed of the request. The document will be published on the DG FISMA website once it has been transmitted to the ESAs.
The mandate signals regulatory attention to the growing linkages between the regulated banking sector and non-bank lenders in private credit markets. The emphasis on a common taxonomy and data gaps suggests that supervisors currently lack consistent measurement of these exposures across the EU. The explicit focus on retail participation also indicates scrutiny of whether private credit exposure is reaching a broader investor base.
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