The methods of making and release of stress testing banks continued Tuesday to divide the states of the European Union, which will continue discussions on this subject in the coming days.
Meeting in Brussels on the occasion of the monthly meeting of Ecofin, the finance ministers of the Twenty-Seven have reported an agreement in principle to have the greatest possible transparency in the publication of test results but no have not provided clarifications on the exact criteria that will be made public.
"Introducing stress test, which was held this morning and repeated by the Commission, Ministers, Central Bank, it really will give the greatest possible transparency," said the Belgian minister Finance Didier Reynders, on behalf of the six-month presidency of the European Union.
"This is the reason we have confirmed that States were ready to respond with action if necessary to consolidate the position of either institution," he added.
Nearly one week after publication by the Committee of European Banking Supervisors (CEBS) from the list of 91 banks that are under the stress tests and outline the options chosen, the exercise remains unclear.
According to several European sources, several countries have expressed reluctance to publish certain ratios obtained in these tests.
PUBLICATION IN TWO TIME
France, in a contribution to the work of the Economic and Financial Committee (EFC), the body which prepares the meetings of the Ecofin council, has asked these days in particular the question to reveal whether or not the exposure of banks to sovereign debt ., "said one of those sources.
She also stressed the difficulty of harmonizing one institution to another to calculate the ratio of Tier commitments of a bank compared to its equity "hard".
Finally, a ratio to take into account the exposure of banks to a potential liquidity shock is also one of reflection and discussion with other countries, "said this source.
Regarding publication, it will be done in two stages, Didier Reynders said: July 23, the consolidated results of the 91 banking groups will be published then, within two weeks, institutions with branches of other countries will detail the results unbound.
Asked how he decided whether a bank will succeed or not the tests, the Commissioner of Economic and Monetary Affairs, Olli Rehn, has said his side should be that banks are resistant to the criteria individually, but also in whole.
"All this will be covered by stress testing," he said.
These discussions around the criteria for publication are particularly difficult and sensitive because they can greatly alter the ranking between banks need recapitalization and healthy banks.
"Everyone looks at his door (…) And everyone has their own definition of transparency," said one diplomat.
TECHNICAL DISCUSSIONS
Didier Reynders said the CEf had been instructed to continue technical discussions to coordinate and organize the publication of results.
"There is no problem on the selection (criteria).It is simply a problem of coordination, ensuring at the same time to publish all the figures, "he said.
Monday, after a meeting of the Eurogroup, the French Minister of Economy Christine Lagarde, said that several criteria had been detailed by ministers.
"These include situations are very stressed in higher CDS (credit default swaps) and spreads," noted the minister, while noting also that the deliberations and discussions would continue until the eve of publication of results, scheduled for July 23.
"Our work will continue until July 22.There will also Teleconference (finance ministers) that day and the conversations will take place until the last moment, "she said.
Asked about possible bank recapitalization, the minister said several countries had "underfoot", including France, Spain or Germany, which plans to support the sector, introduced at the height of the crisis in late 2008 are still active or can be reactivated.