ECB to publish results of comprehensive assessment of nine banks in November; for Finland, Municipality Finance plc is included
The European Central Bank (ECB) will publish the results of a comprehensive assessment of nine banks in November. For Finland, the entity subject to the comprehensive assessment exercise is Municipality Finance plc, which is Finland's third largest credit institution in balance sheet terms.
The ECB launched the comprehensive assessment in the spring, and it comprises an asset quality review (AQR) and a stress test. The same methodology as last year is being used. Both aggregate and bank-by-bank results of the comprehensive assessment will be published.
The comprehensive assessment is being conducted in respect of those credit institutions that, as new entities, exceed the eligibility criteria for direct supervision by the ECB. Five of the participating credit institutions were already classified as significant credit institutions in the previous assessment. The remaining four credit institutions are subject to the assessment, as they may become significant by January 2016.
A bank located in a Member State participating in euro area-wide single banking supervision is classified as significant if its total assets exceed EUR 30 billion or 20% of the relevant Member State's GDP or if it is one of the three most systemically important banks in that Member State. The balance sheet of Municipality Finance plc exceeded EUR 30 billion at the end of 2014.
For further information, please contact:
- Jyri Helenius, Head of Department, tel. +358 10 831 5312
- Tommi Orpana, Head of Division, tel. +358 10 831 5262
- ECB press release: Comprehensive assessment of nine banks carried out by the ECB to be concluded in November 2015
- List of credit institutions subject to the comprehensive assessment