Markets pressure was too strong. European banks will, again this year, to comply with the exercise of the "stress tests". The Governor of the Bank of Spain was opened Wednesday, seeking to breach the alarming rumours on the Iberian banking sector. The past year, tests had shown that European banks were "adequately capitalized" to deal with a "severe" macroeconomic conditions deterioration. But the sovereign debt crisis requires them to cover.
According to Spanish Government sources, Banco Santander, the first banking group of the country, would best passed the tests on the thirty largest financial entities of the European Union. Information would have been mentioned, yesterday, in Brussels, the detour of a bilateral meeting between José Luis Rodríguez Zapatero, President of the Spanish Government, and David Cameron, British Prime Minister. In the wake of the Bank of Spain, who announced Wednesday that it would soon make public the "stress tests" conducted on the banks and savings in the country, Elena Salgado, Minister of economy and finance, said that the results of the tests would be given "entity by entity". Last year, the tests carried out on 22 institutions had not been published.
In France, Christian Noyer, Governor of the Central Bank and Chairman of the authority of Supervisory Commission responsible for conducting these tests, did not wrong yesterday, at a press conference, to display its serenity, recalling that it was "always favourable to a publication of the"stress tests"European by country and Bank". He had already pleaded indeed year last for such transparency. At Bercy, it added that the results of tests on the French banks raised "no particular concern". Reluctant last year to a publication, the Germany this time is there resigned. The President of the Bundesbank, Axel Weber, said yesterday that new more detailed tests and as many banks, including regional public banks (Landesbanken), were ongoing. These tests should take into account market segments experiencing the greatest difficulties, such as the bond markets. "The publication will depend however the capability of States to implement measures of recapitalisation time and implement these mechanisms there where they do not exist", warned. In German banking environments, both the Federation of private banks to public banks criticized the individualized publication of testing possible, because it could send signals that could be misinterpreted by the markets.
Criteria re-evaluated
In Britain, the authority of the British financial services (FSA) led "stress tests" for a long time, as many European regulators without publishing details. In response to resistance tests published by the financial authorities in the spring of 2009, the British regulator had however decided, in May 2009, published the macroeconomic criteria of its scenarios of resistance. At the time, support for the sector plans came to be put in place. Thus banks should they show how they could maintain a ratio of "core" Tier-1, the nucleus of the more robust of the own funds of 4, with a fall of 6 of the economy, an unemployment rate of 12, a fall of 50 of the residential real estate and 60 of the commercial real estate. These criteria are regularly re-evaluated. In March this year, the Constable of the British market, which will be integrated into the Bank of England in 2012, thus reinforced its requirements by asking banks to explain how they would react to a recurrence of the activity of 2.3 (a drop from high point to the low point of 8.1), and a 13.3 unemployment. Markets on British banks pressure is weaker today than on the banks of the euro area. Also, even if Britain banks also have difficulty financing in the long term, the subject of the "stress tests" is little addressed revel at the moment.
Italy, yesterday, caution was required. "Obviously we follow closely the situation of the banks, and it is clear that here, they are rather well." "The Italian situation is not comparable to that of our neighbours", said the Ministry of economy and finance. "We are favourable to the greatest possible transparency". "The evidence for three years already, we communicate regularly on our"stress tests"", said the spokesman for the Governor of the Central Bank. This morning, Mario Draghi must deliver a speech at a Conference on European companies. It is not excluded that it addresses the issue.
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