The five largest Italian banks have passed the EBA stress tests. This was communicated by the Bank of Italy at 18 o'clock. The results, in particular, certified a Core Tier 1 for Intesa San Paolo of 8,9 per cent in 2012. In second place for solidity is Ubi, with a core tier 1 in 2012 of 7,4 per cent. The figure is equal to 6,7 per cent, however, for Unicredit and drops to 6,3 for Banca Monte Paschi in 2012 after the stress test. Bringing up the rear among the Italian banks, Banco Popolare, with a core tier 1 of 5,7 per cent just above the sufficient level.
The average core tier 1 of the system after the stress tests is equal to 7,3 per cent, as stated in the Bank of Italy press release. The examination by the European Banking Association turned out to be less severe than expected: 8 (out of 91) European institutions did not pass the test. That is, less than the 15-20 expected according to market rumors. The stress tests were based on the banks' ability to withstand three distinct stresses: a drop in eurozone GDP in the order of 0,5 per cent; a drop in stock market equities of about 15 percent; a generalized decline in eurozone government bonds, according to various hypotheses depending on the issues.
Among the eight institutes that have failed to stay above a core tier 1 of 5 percent in the face of this scenario, as many as five are Spanish, identified in the category of cajas affected by the real estate crisis, two are Greek, one Austrian. The focus now shifts to those promoted with sufficient or little more, as is the case of Banco Popolare which will kick off its restructuring tomorrow by focusing on the single bank model and elimination of dual governance with expected savings in the order of 130 million .
“Italian banks are solid and ready to face the future” declared the president of ABI Giuseppe Mussari hotly. "The stress test exercise demonstrates that the system is capable of holding up even in the face of a severe deterioration in the economy." "The trust that the country has always had in the system - concluded Mussari - is well placed". Satisfaction also from the general manager of the Bank of Italy Fabrizio Saccomanni: “We are very satisfied with the results. the test was severe and our banks passed it” – Via Nazionale's initiative to induce banks to recapitalize was also rewarded
