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The comprehensive assessment is a thorough review of the largest banks’ balance sheets prior to the ECB taking over its supervisory tasks as part of the Single Supervisory Mechanism (SSM) in November 2014.
Vítor Constâncio, Vice-President of the ECB, said: “Banks know what we expect and have advance notice to prepare for the outcome of the comprehensive assessment. Much work has already been undertaken to repair banks’ balance sheets and, encouragingly, this work is continuing.”
Danièle Nouy, Chair of the Supervisory Board, said: “As we finalise this tough and rigorous exercise, we are doing our utmost to prepare for a smooth disclosure process. The ECB has been very transparent in engaging with banks and aims to provide as many details as possible to markets and other participants on progress in the comprehensive assessment and what the end of the process will look like.”