ECB: Banks' stress tests strict, just and in-depth

Chair of European Central Bank's single supervisory mechanism (SSM) Daniele Nouy called the stress tests for the participating European banks,…

"Regarding the Greek banks, we must recognise that a lot of things have been done in the last years

among them capital increase, restructuring along with approval and implementation of the restructuring plans.

These practically reflect the results announced last Sunday. Nothing more, nothing less. As supervisors, we are ready to assume our duties and to meet with consistency the challenges that we will face. From November 4 the banking sector in Europe is entering into a new era" said Nouy.

Asked on what will mark for the banking system and for the citizens the banking union, she underlined "The SSM creates the conditions for a more complete and reliable credit market throughout Europe.

By restricting the institutional and legal hurdles between the countries, the market widens and the banks get access to the capital markets. This, on its turn, it is expected to facilitate the businesses and households access to more and more secure financial products".

The first major step towards the creation of the European banking union will take place on Tuesday when ECB will assume the direct supervision of the 120 largest European groups among them and four major Greek systemic banks.