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ECB to publish results of bank audit on Oct 26

ECB to publish results of bank audit on Oct 26 /AFP

ECB to publish results of bank audit on Oct 26

FRANKFURT, October 10- The European Central Bank said on Friday it will publish the results of new stress tests of eurozone banks on October 26, before it takes over as the region’s banking supervisor.

These tests have been carried out under new powers given to the ECB as a result of the financial and debt crises, and are expected to be far more rigorous than previous tests  which turned out to have missed weaknesses in some banks.

The ECB audits have focused attention in banks’ boardrooms on whether they need to boost their capital base, since the purpose is to ensure that banks are strong enough to withstand sudden shocks and loss of confidence.

The ECB “will publish the results of its comprehensive assessment of 130 banks on October 26”, the bank said.

“The comprehensive assessment is a thorough review of the largest banks’ balance sheets before the ECB takes up its banking supervision tasks in November,” the statement said.

The results would be published at noon (1100 GMT) on that date and the European Banking Authority in London would publish separately the results of its EU wide stress tests for banks on the same day.

Following the publication, “banks will, where necessary, have two weeks to submit capital plans to the ECB, detailing how shortfalls will be covered,” the central bank said.

The ECB’s report is expected to be followed closely on financial markets.

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