Recital 27

(27)In order to avoid negative consequences for financial stability, the introduction of a specific framework for STS on-balance-sheet securitisations should be accompanied by an appropriate macroprudential oversight. In particular, the European Systemic Risk Board (ESRB), established by Regulation (EU) No 1092/2010 of the European Parliament and of the Council ⁹ should monitor macroprudential risks associated with synthetic securitisation and assess whether they are sufficiently removed from the systemic part of the financial system.