• Significant progress made on AQR
  • Portfolio selection targets most risky assets, selection will be concluded by mid Feb
  • AQR execution phase commences in March
  • AQR quality assurance to start in October
  • Level 3 asset check only for banks with material exposure
  • Will provide system wide QA in AQR

Daniele Nouy is chair of the ECB supervisory board of the SSM, speaking alongside Constancio.