While awaiting the arrival of the results of the Asset Quality Review (AQR) of the banks, scheduled for October, the first indications are starting to emerge. The advisors who have been called to carry out an analysis of the banks' financial statements have completed a large part of their work and have already sent part of the results to the Bank of Italy identified by the ECB as Nca (National competent authority). Only a further in-depth analysis on collateral and credits remains to be completed which will require another 2-3 weeks to close by July 15th.
At the moment it seems difficult to make a complete assessment of the results, but some critical issues have nevertheless emerged. A source points out that "some real estate valuations date back to three years earlier and therefore with higher values than the current ones".
However, notes another source, "it is difficult to say today whether we should expect a request for new devaluations" and consequently further cleaning of bank balance sheets and possible new recapitalizations. The numbers, in fact, will have to be aggregated and there will be a subjective element of the ECB which is responsible for supervising the controls and which will have to summarize the results that have emerged.
