15 November 2013

ECB（欧州中央銀行）ドラギ総裁、資産査定とストレステストを厳格に行うにはバックストップの存在が不可欠と主張

7. How will the ECB ensure that the planned asset quality review covers the whole part of the banking system under the supervisory responsibility of the SSM and not only the 130 institutions cited in the note regarding the comprehensive assessment? What arrangements, including the framework as foreseen in Article 6 of the ECB regulation, will be made to guarantee the coherence with the exercises carried out by the EBA and other supervisory authorities in the EU?

On the basis of article 33 para 4 of the SSM Council Regulation, the ECB shall carry out such a comprehensive assessment, including a balance sheet assessment at least in relation to the credit institutions it will directly supervise. In line with this regulatory provision and given the unprecedented scale of the exercise, the comprehensive assessment that the ECB is carryingout is expected to cover 128 credit institutions. These credit institutions cover a large part of the euro area banking system, notably approximately 85 per cent of all euro area bank assets. These banks could plausibly be considered as the 'significant' banks from the SSM Council Regulation, although that list will only formally be finalised at the end of 2013.

The comprehensive assessment is one exercise, consisting of three elements: (i) supervisory risk assessment, (ii) asset quality review, (iii) stress test. In order to ensure the coherence between the three elements, there will be a strong central governance structure at the ECB, responsible for establishing the methodologies, overseeing the execution phases and assuring the quality of the results. The NCAs will execute the exercise at the national level, on the basis of the centrally developed data requirements and methodology, thereby effectively harnessing local knowledge and expertise, while at the same time ensuring a coherent approach. To ensure consistency of execution acrtoss both countries and banks, quality assurance measures will be full integrated into all processes. As regards the stress test, the ECB and the EBA have agreed to perform the next EU-wide stress-testing exercise in close cooperation. Furthermore, the ECB is fully committed to liaise with all the relevant European authorities such as ESMA, ESRB and EIOPA to ensure consistency of action and communication.

8. In the absence of common backstop mechanisms and in order to ensure a smooth transition to a full-fledged Banking Union, what is the view of the ECB regarding the measures to be taken in the case that potential needs for capital arise from the asset quality review?

The ECB has always emphasised the need for backstop commitments to be in place in advance of the commencement of the comprehensive assessment, in order for the exercise to be deemed credible. Backstops will be essential for the success of the comprehensive assessment in case of a need for a restructuring or recapitalisation of banks after the conduct of the exercise. On 15 November, the Council confirmed the commitment taken by the June 2013 European Council that all Member States participating in the SSM will have appropriate arrangements in place, including backstops as soon as possible.

In case of capital shortfalls under the comprehensive assessment, the pecking order should be clear: first private resources, second national public funds and as last resort European public funds.

Full letter

ECOFIN-Council statement on EU banks' asset quality reviews and stress tests, including on backstop arrangements

On 20 November, the Governing Council of the ECB nominated Ms Danièle Nouy for Chair of the Supervisory Board of the new Single Supervisory Mechanism and informed the Chair of the ECON Committee of the European Parliament Ms Sharon Bowles in line with the Inter-Institutional Agreement. Ms Nouy will appear before the European Parliament ECON Committee at a hearing scheduled for Wednesday, 27 November 2013.

Press release

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