Pre-migration untagged articles

The Bank of Spain stood by its supervisory charges on Friday, disputing the European Banking Authority stress tests which showed five of the country’s institutions failing to reach the 5% pass mark after a dispute over the use of generic provisions and convertible bonds.

Three Greek banks announced plans to raise or release capital in some form ahead of the release of stress results on Friday which showed two of the country’s six biggest groups failing the test in its harshest form, though passing after inclusion of recent capital raising measures.

BNP Paribas, Société Générale, Deutsche Bank and Commerzbank have the largest exposures to Greek sovereign debt among the non-Greek banks, according to the results of the European Union’s bank stress tests on Friday afternoon.

BNP Paribas, Société Générale, Deutsche Bank and Commerzbank have the largest exposures to Greek sovereign debt among the non-Greek banks, according to the results of the European Union’s bank stress tests on Friday afternoon.

The Bank of Spain stood by its supervisory charges on Friday, disputing the European Banking Authority stress tests which showed five of the country’s institutions failing to reach the 5% pass mark after a dispute over the use of generic provisions and convertible bonds.

Deutsche Bank has emerged as the German bank that would take the biggest hit if an impairment was called on Greek sovereign debt. Deutsche has Eu1.51bn of exposures to Greek sovereign debt, of which Eu1.28bn is in the available for sale portion of its banking book, the European bank stress tests showed. However, the tests were based on sovereign debt exposures as of the end of 2010. Since then many banks, in particular those in Germany, are thought to have reduced their Greek holdings.

Deutsche Bank has emerged as the German bank that would take the biggest hit if an impairment was called on Greek sovereign debt. Deutsche has Eu1.51bn of exposures to Greek sovereign debt, of which Eu1.28bn is in the available for sale portion of its banking book, the European bank stress tests showed. However, the tests were based on sovereign debt exposures as of the end of 2010. Since then many banks, in particular those in Germany, are thought to have reduced their Greek holdings.

The European Banking Authority has responded to criticism of the methodology used in this year's stress tests, mainly relating to its pan-European definition of core capital and its failure to force banks to model a sovereign default.

The European Banking Authority has responded to criticism of the methodology used in this year's stress tests, mainly relating to its pan-European definition of core capital and its failure to force banks to model a sovereign default.

Time is running out for Europe’s politicians and central bankers. Months of inaction over a festering Greece has led to the infection spreading into Italy, the eurozone’s third largest economy and the world’s third largest bond market. If Italy cannot fund itself — and if politicians cannot agree on a far-reaching plan of action quickly then that is a real possibility — the eurozone will be in meltdown. It does not have the tools to cope with Italy’s funding requirement — the country has Eu900bn to refinance over the next five years — let alone any other sovereign’s debt caught up in what will no doubt be a systemic crisis. All the while, European debt markets remain crippled.

Three Greek banks announced plans to raise or release capital in some form ahead of the release of stress results on Friday which showed two of the country’s six biggest groups failing the test in its harshest form, though passing after inclusion of recent capital raising measures.

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