BUSINESS IN SHORT

Slovak banks succeed in stress tests

SLOVAKIA’s three biggest banks – Slovenská Sporiteľňa, VÚB and Tatra Banka have passed the European Central Bank’s (ECB) financial health tests and will not need to raise additional capital. This applies also to their parent companies, the TASR newswire reported on October 26.

SLOVAKIA’s three biggest banks – Slovenská Sporiteľňa, VÚB and Tatra Banka have passed the European Central Bank’s (ECB) financial health tests and will not need to raise additional capital. This applies also to their parent companies, the TASR newswire reported on October 26.

“Results of the ECB comprehensive evaluation proved that Slovak banks are stable, trustworthy and running smoothly,” head of the National Bank of Slovakia Jozef Makúch said, as quoted by the SITA newswire. “In comparison with other European banks, they have reached more favourable results in a majority of indicators.”

Slovak Finance Minister Peter Kažimír in praising the results of stress tests in Slovakia said that these proved that the condition of Slovak banks is excellent in spite of external risks and the economic problems of the eurozone.

“The banks are healthy with comfortable reserves created for the case of negative shocks,” said Kažimír, as cited by the Hospodárske Noviny economic daily.

ECB ran stress tests at 130 banks with two elements – a point-in-time asset quality review, which examined the adequacy of banks’ asset and collateral valuations, and a forward-looking stress test in which balance sheets were subjected to ‘stress scenarios’.

Altogether, 25 banks of the eurozone failed to pass the tests, with nine of them from Italy and three from Greece. At the end of last year they lacked €35 billion in assets.

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