ATHENS (MNI) – The following is a verbatim text from the Bank of
Greece explaining that Greece’s bank stress tests, scheduled for this
autumn, have been postponed until later in the year at the urging of the
IMF, European Commission and the European Commission (the so-called
troika).
The reason for the postponement is that the planned tests would
likely provide no additional information beyond what was already
revealed during the EU-wide stress tests, the results of which were
published July 23, the Bank of Greece said.
The decision to postpone the domestic tests was reached over the
summer, the bank said.
The full text is available below:
During the summer the Bank of Greece was consulted by the three
international organizations participating in the support program
(International Monetary Fund, European Commission and European Central
Bank) about postponing the Bank’s fall “stress testing” exercise until
later in the year.
The Bank agreed and decided to postpone its fall stress-testing
exercise. The reason for postponing is that a separate stress test
following closely the release of the recent EU-wide stress test results
would likely contain no additional information.
The decision to postpone was taken in the summer, well before the
decision of the government to participate in the roadshow and the recent
announcement of intended corporate actions.
The exercise that will take place towards the end of the year aims
to complement the estimation of the capital requirements under Pillar 2
and is part of the supervisory process. The EU wide stress test
confirmed our assessment of the solvency condition of Greek banks. On
the basis of current developments, the new exercise is very likely to
confirm this assessment.
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