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EU bank stress test, asset review by mid-2014: ECB

17 May 2013, 16:31 CET
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EU bank stress test, asset review by mid-2014: ECB

Yves Mersch - Photo BCL

(FRANKFURT) - A review of banks' assets and a subsequent stress test for euro area banks could be published by mid-2014, before a single European bank supervisor becomes operational, a top European Central Bank official said Friday.

"Such a comprehensive assessment is needed before the SSM (or Single Supervisory Mechanism) becomes operational," ECB Executive Board member Yves Mersch told a conference in London.

A copy of his speech was made available on the ECB's website.

The SSM could undertake the asset quality review between the third quarter of this year and the first quarter of next, he said.

And then, working in close cooperation with the European Banking Authority or EBA, it could conduct a stress test.

The EBA had originally intended to hold a stress test in the second half of 2013.

But it said on Thursday that "since appropriately reviewed balance sheets are a key input to an effective stress test, the EBA has also adjusted the timeline of the next EU-wide stress test so to conduct the exercise in 2014 once the asset quality reviews are completed."


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