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Stress Test postponement

20/09/2010 - Announcements

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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