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FIVE IRISH-BASED INSTITUTIONS have been included in a list of banks to be subjected to a series of tests by the European Central Bank next year.
Bank of Ireland, AIB, Merrill Lynch International Bank, Ulster Bank and Permanent TSB have been named on a list of 128 banks to take part in the process, which is aimed at boosting confidence in the sector.
The list also includes 16 lenders in Spain, 15 in Italy and four each in Portugal, Greece and Cyprus.
The ECB says the move is aimed at achieving greater transparency of the banks’ balance sheets and more consistency in supervisory practices across Europe.
It’s planned the assessment will commence in November of this year and take 12 months to complete.
According to the ECB:
The exercise has three main goals: transparency – to enhance the quality of information available on the condition of banks; repair – to identify and implement necessary corrective actions, if and where needed; and confidence building – to assure all stakeholders that banks are fundamentally sound and trustworthy.
The outcomes and any recommendations will be published at the end of the process, prior to the ECB assuming its supervisory role as part of a European banking union in November of next year.
“A single comprehensive assessment, uniformly applied to all significant banks, accounting for about 85 per cent of the euro area banking system, is an important step forward for Europe and for the future of the euro area economy,” ECB President Mario Draghi said.
“Transparency will be its primary objective. We expect that this assessment will strengthen private sector confidence in the soundness of euro area banks and in the quality of their balance sheets.”
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Transparency they will have a bit of a struggle to get that from Irish banks.
think i can smell another bail out on the books
More likely a bail-in, same as Cyprus.
Time to off-shore our savings.
…..oh wait, only the rich can do that.
The gap grows bigger by the day.
Waste of paper
Banks all across Europe have been passing these tests since the crisis started only to be broke a month later. Show trial shenanigans.
Sice when is Merrill Lynch International Bank an Irish bank??
“boosing confidence”
These banks will be found to be more insolvent than previously thought… another recession is on the way… baton down the hatches
They will say Irish banks need another bailout. Will give Berlin another few years in control of you. Just what they want
“boosing confidence”
More wealth transferral. Phukit anyway
oh no no no, baldie said we have the best capitalised banks in Europe
Our banks are Roosters crowing on top of the shit heap.
have your say