Greek banks don’t need asset quality review now – ECB

There is no need to conduct an asset quality review at Greek banks as a broader European Union-wide stress test is already being planned for 2018, European Central Bank Executive Board member Benoit Coeure said on Friday.

“The (Single Supervisory Mechanism) made it clear they don’t see a need for an (asset quality review) given what’s planned: a stress test, which will come in 2018 as part of the broader EU exercise which is led by the European Banking Authority,” Coeure told a news conference.

Coeure added that only the ECB, the supervisor of four biggest Greek banks, could require such a review.

The comments come after Greek newspaper Kathimerini reported that the International Monetary Fund was considering making such an asset quality check part of the Greek bailout review.
Source: Reuters (Reporting by Balazs Koranyi; Editing by Alison Williams)

Source.