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CHIAGNI & FOTTI SRL
Calendario AQR
ECB clarifies comprehensive assessment disclosure
The ECB has published a note this morning explaining how the results of the comprehensive assessment will be disclosed both to the banks concerned and to the public at large (see link). At this stage, exact dates have not been provided, but the sequence of events will run roughly as follows.
The asset quality review is expected to completed in August, forming a starting point to which the results of the stress tests will be applied. As we move toward October interaction between banks and supervisors to validate that work will intensify, and during September/October banks will be presented with “a review of the partial and preliminary AQR and stress test results...while not addressing the full final impact on banks’ capital ratios”. The results are expected to be finalised in the second half of October and banks informed of the outcome “very close to the time of public disclosure”. Media reports suggest banks will get the result on a Friday, and they will be made public the following Monday. Banks will then have two weeks to submit capital raising plans to the ECB – they have 6 months to raise capital required for shortfalls relative to thresholds under the post AQR baseline scenario, and 9 months for shortfalls arising from the adverse scenario.
We wrote up our view on what scale of capital raising the assessment will entail in a note published a few weeks ago (see link below). Based on the results of a top-down version of shocks which approximates the stress tests, (presented by the ECB), and our banking analysts' views on the AQR, we are not expecting the system as a whole to face a large new capital need as a result of the assessment.
Occhio ai vari pissi pissi che usciranno...
ECB clarifies comprehensive assessment disclosure
The ECB has published a note this morning explaining how the results of the comprehensive assessment will be disclosed both to the banks concerned and to the public at large (see link). At this stage, exact dates have not been provided, but the sequence of events will run roughly as follows.
The asset quality review is expected to completed in August, forming a starting point to which the results of the stress tests will be applied. As we move toward October interaction between banks and supervisors to validate that work will intensify, and during September/October banks will be presented with “a review of the partial and preliminary AQR and stress test results...while not addressing the full final impact on banks’ capital ratios”. The results are expected to be finalised in the second half of October and banks informed of the outcome “very close to the time of public disclosure”. Media reports suggest banks will get the result on a Friday, and they will be made public the following Monday. Banks will then have two weeks to submit capital raising plans to the ECB – they have 6 months to raise capital required for shortfalls relative to thresholds under the post AQR baseline scenario, and 9 months for shortfalls arising from the adverse scenario.
We wrote up our view on what scale of capital raising the assessment will entail in a note published a few weeks ago (see link below). Based on the results of a top-down version of shocks which approximates the stress tests, (presented by the ECB), and our banking analysts' views on the AQR, we are not expecting the system as a whole to face a large new capital need as a result of the assessment.
Occhio ai vari pissi pissi che usciranno...
Ultima modifica:
, con l'oracolo di Omaha.
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