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Cyprus

Cypriot banks not included in next EU stress test

Cypriot lenders will not be included in an EU-wide exercise early next year testing banks’ financial resilience.

The European Banking Authority (EBA) will launch the latest round of its so-called stress tests in February 2016.

In total, 53 banks, of which 39 falling within the Single Supervisory Mechanism, will be subjected to the EBA’s checks.

Cypriot banks are not included, according to a list published by the EBA.

It’s understood this is because the banks to be tested must have at least €30bn in assets, according to a draft methodological note the EBA released on Thursday.

The Bank of Cyprus Group, the largest financial institution on the island, posted assets of €25.4.5bn as of June 30, 2015.

All four Cypriot ‘systemic banks’ – Bank of Cyprus, Hellenic Bank, RCB Bank and the state-owned Cooperative Central Bank – had passed the last EU-wide stress tests held in late 2014.

Analysts across Europe had criticised the 2014 stress tests as being too lenient.

 

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