Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

euro coin via Shutterstock

Five Irish banks included in ECB stress-test plans

Bank of Ireland, AIB, Merrill Lynch International Bank, Ulster Bank and Permanent TSB have all been named on a list of 128 banks to take part in the process.

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.”

Read: When Michael met Mario: Noonan in Frankfurt for bailout exit talks with ECB chief

Read: EU avoids its own shutdown after MEPs agree to fill €2.7bn funding shortfall

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Close
13 Comments
    Install the app to use these features.
    Mute Kerry Blake
    Favourite Kerry Blake
    Report
    Oct 23rd 2013, 10:24 AM

    Transparency they will have a bit of a struggle to get that from Irish banks.

    38
    Install the app to use these features.
    Mute Kevin Thornton
    Favourite Kevin Thornton
    Report
    Oct 23rd 2013, 11:11 AM

    think i can smell another bail out on the books

    23
    Install the app to use these features.
    Mute Declan Conway
    Favourite Declan Conway
    Report
    Oct 23rd 2013, 12:15 PM

    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.

    18
    Install the app to use these features.
    Mute Eggfuel
    Favourite Eggfuel
    Report
    Oct 23rd 2013, 10:32 AM

    Waste of paper

    17
    Install the app to use these features.
    Mute SeanieRyan
    Favourite SeanieRyan
    Report
    Oct 23rd 2013, 5:48 PM

    Banks all across Europe have been passing these tests since the crisis started only to be broke a month later. Show trial shenanigans.

    4
    Install the app to use these features.
    Mute Billy Donovan
    Favourite Billy Donovan
    Report
    Oct 23rd 2013, 11:59 AM

    Sice when is Merrill Lynch International Bank an Irish bank??

    8
    Install the app to use these features.
    Mute Christine Denning
    Favourite Christine Denning
    Report
    Oct 23rd 2013, 10:08 AM

    “boosing confidence”

    6
    Install the app to use these features.
    Mute Seamus Smith
    Favourite Seamus Smith
    Report
    Oct 23rd 2013, 11:09 AM

    These banks will be found to be more insolvent than previously thought… another recession is on the way… baton down the hatches

    16
    Install the app to use these features.
    Mute Matt
    Favourite Matt
    Report
    Oct 23rd 2013, 11:19 AM

    They will say Irish banks need another bailout. Will give Berlin another few years in control of you. Just what they want

    14
    Install the app to use these features.
    Mute Christine Denning
    Favourite Christine Denning
    Report
    Oct 23rd 2013, 10:09 AM

    “boosing confidence”

    4
    Install the app to use these features.
    Mute rotund jocularity
    Favourite rotund jocularity
    Report
    Oct 23rd 2013, 1:49 PM

    More wealth transferral. Phukit anyway

    3
    Install the app to use these features.
    Mute Silverharp Harp
    Favourite Silverharp Harp
    Report
    Oct 23rd 2013, 2:54 PM

    oh no no no, baldie said we have the best capitalised banks in Europe

    3
    Install the app to use these features.
    Mute SeanieRyan
    Favourite SeanieRyan
    Report
    Oct 23rd 2013, 5:53 PM

    Our banks are Roosters crowing on top of the shit heap.

    1
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.
JournalTv
News in 60 seconds