2014年-EBA欧洲银行管理局_EBA-BS-2012-048-final_6页_242kb

Summary of EBA Report on the Fulfilment of the 2011 EU-wide Stress Test Recommendation

Core Content

This report evaluates the implementation of the EBA's July 2011 Recommendation concerning banks that failed to meet the Core Tier 1 (CT1) capital threshold of 5% under the adverse scenario of the 2011 EU-wide stress test. It also outlines the progress made by banks with CT1 ratios close to 5% and significant sovereign exposures, which are monitored under the December 2011 Recommendation. The report highlights the actions taken by national supervisory authorities (NSAs) to address capital shortfalls and the EBA's overall satisfaction with the progress.

Main Points

1. Scope of the Recommendation

• The EBA conducted the 2011 EU-wide stress test, involving 91 banks from 21 EEA countries.
• 8 banks had a CT1 ratio below 5% under the adverse scenario.
• 16 banks had CT1 ratios between 5% and 6%.
• These banks were required to take mitigating actions to strengthen their capital positions.

2. Mitigating Measures

• All banks with a CT1 ratio below 5% were required to submit a capital restoration plan by 15 October 2011, with implementation by end of 2011.
• Banks with CT1 ratios close to 5% and significant sovereign exposures were required to take steps such as dividend restrictions, deleveraging, capital issuance, or conversion of lower quality instruments into CT1 capital.
• The EBA supports and acknowledges the additional measures taken by NSAs in response to the worsening external environment.

3. Implementation Progress

• All 8 banks with CT1 ratios below 5% have implemented mitigating measures, and the EBA considers these actions sufficient to comply with its Recommendation.
• Some banks have undergone restructuring, which has led to their integration or merger with other institutions.
• OeVAG (Austria) has completed the sale of its international operations and is restructuring into a lean central institution.
• Spanish banks such as Catalunya Bank, Unnim, Grupo Caja 3, CAM, and Banco Popular are in integration or merger processes.
• Helaba (Germany), which did not publish the stress test results, has increased its CT1 capital by EUR 1.92bn through capital conversion.

4. Link to the 2011 Capital Exercise

• The December 2011 Capital exercise was conducted to assess recapitalisation needs and apply a higher CT1 threshold of 9%.
• This exercise was not a stress test but a capital adequacy review based on September 2011 data.
• The EBA issued a second Recommendation requiring the 71 banks to reach and maintain a 9% CT1 ratio by 30 June 2012.
• The December 2011 Recommendation serves as an augmentation to the July 2011 one, focusing on banks with CT1 ratios close to 5% and significant sovereign exposures.

Key Information

• Total capital shortfall: EUR 2.5 billion for the 8 banks below the 5% threshold.
• Restructuring: Many banks with capital shortfalls are undergoing deep restructuring as part of national or EU/IMF programmes.
• Monitoring: The EBA continues to monitor the implementation of mitigating actions through follow-up steps, consolidating NSAs, and cooperation with the Troika (ECB, EU Commission, IMF).
• Ongoing processes: Some Spanish banks are not included in the December 2011 Capital exercise sample and remain under national supervision and restructuring programmes.
• Future plans: The EBA is developing its approach for the next EU-wide stress test in 2013 and will continue to assess risks and vulnerabilities from a microprudential perspective.

Conclusion

The EBA is generally satisfied with the progress made in fulfilling the July 2011 Recommendation. The capital strengthening and restructuring actions taken by banks have been deemed adequate and appropriate. The December 2011 Recommendation has further strengthened the requirements, and the EBA continues to monitor the 71 banks to ensure compliance with the 9% CT1 threshold. The implementation of EU/IMF measures is also closely followed by national authorities and the Troika.