LONDON (MNI) – Officials in Europe must take the actions necessary
to address any weaknesses in the European banking system that might be
revealed by the publication of stress test results later today, European
Central Bank Executive Board member Gertrude Tumpel-Gugerell said here
Friday.
In a text of her speech provided by the ECB, Tumpel-Gugerell
declined to comment on the stress test results other than to say that
“appropriate action will have to be taken where needed.” The results are
expected to be published today at 16h00 GMT (12h00 EDT) by the Committee
of European Banking Supervisors.
“Stress tests contribute to the effectiveness of financial
intermediation by providing more information about the condition of
financial institutions and of the financial system as a whole,”
Tumpel-Gugerell noted. “By combining transparency regarding the results
of stress tests with appropriate measures to deal with potential
weaknesses, European authorities will send a clear message to market
participants about the resilience of the financial system.”
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