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Europe Fails Another Stress Test
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Simon Nixon says the main problem with the E.U. bank stress tests of 2011 is that it did not test for sovereign defaults. For example Greek debt that is trading at 50 cents on the euro, was marked down 15%. And the lack of urgency to raise fresh capital is another problem. He says the real value of the tests comes from the asset disclosures that accompanied the tests.
Cyprus Popular Bank (Laiki Bank) and the Bank of Cyprus 2006-2013- the path leading to the EU bailout of 2013
07/16/2011
Cyprus Popular Bank and the Bank of Cyprus passed EU stress test in 2010 and 2011, resulting in the banks issuing dividends and increased their holdings of Greece's bonds even as the Greece faced a financial crisis in 2010. The losses from Greece bonds totalled 4.3 billion euros for the two banks in 2013, leading to the closing of Laiki Bank and the downsizing of the Bank of Cyprus under an EU bailout. The bank also made other risky investments in Greece, with the chief risk officer of Laiki Bank taking on more risks in 2010-2011 even as other European banks were reducing their investments in Greece.
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Europe Fails Another Stress Test
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IMF Urges EU Banks To Raise Capital
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Europe Fails Another Stress Test
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European Banking Authority E.U. Stress tests for banks in 2010 and 2011
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Stress tests for banks in Europe in July 2010 and in 2011.
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Wall Street Journal 07/16/2011
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EU's Top Banks Pass Stress Tests
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Document Contradicts EU Bank Statement
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Moody's Questions Spanish Banks
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Fears that Basel III and European Banking Authority E.U. Stress Tests may not adequately reflect the risks on banks balance sheets.
01/21/2010
The situation after bailout of Irish banks in November 2010 by the EU. The Irish banks had passed European stress tests. Portuguese and Spanish banks may face a similar situation.
Grouped Articles
Wall Street Journal 07/16/2011
Europe Fails Another Stress Test
Wall Street Journal 07/16/2011
The Battle Over Bank Rules at Basel III
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Basel Rules Unlikely to Force Capital Raising
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The 2010 and 2011 EU stress tests that failed of Laiki Bank and Bank of Cyprus- origins of the banking crisis in Cyprus
07/16/2011
The two Cyprus banks passed the EU's 2010 stress tests, and passed them again in 2011, going on to give out dividends and increase their exposure to Greece, even as Greece faced a deepening financial crisis. The two banks increased their holdings of Greece's bonds by $1 billion in 2010, according to EU regulators, and took on more risks. The EU stress tests looked at how the banks would do in deteriorating economic conditions but did not consider the possibility of losses from sovereign government bonds.
Grouped Articles
Wall Street Journal 07/16/2011
Europe Fails Another Stress Test
Wall Street Journal 07/16/2011
IMF Chief's Change of Tune on Bank Capital
New York Times 09/14/2011
IMF Urges EU Banks To Raise Capital
Wall Street Journal 09/22/2011
Piraeus Bankâs Michalis Sallas Reaches the Top in Greece
New York Times 06/10/2013
Stress Tests Won't Prevent the Next Financial Crisis
Wall Street Journal 03/19/2014
EU stress tests for banks in 2011
03/18/2011
Grouped Articles
Wall Street Journal 07/16/2011
IMF Chief's Change of Tune on Bank Capital
New York Times 09/14/2011
IMF Urges EU Banks To Raise Capital
Wall Street Journal 09/22/2011
Stress Tests Won't Prevent the Next Financial Crisis
Wall Street Journal 03/19/2014
Banks, Regulators Still Jostling Over EU Stress Tests
Wall Street Journal 07/14/2011
Europe Needs Lesson in Stress Management
Wall Street Journal 07/14/2011
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