New critical resistance tests conducted on European banks. This time it was the turn of the Wall Street Journal cast doubt on the relevance of these tests imposed to 91 European banks. Only seven schools have been scaled to the review. An overwhelming success that has already made some observers question the relevance of these tests.
The New York daily said he agreed that the tests "have underestimated the amount of government debt securities held by certain potentially risky institutions. According to the newspaper, "banks have carved out certain obligations, or minimized the amount due to Paris they took some cons of debt," a fact that neither regulators nor most banks have proved "at the time of publication of results on July 23.
The tests were carried on the accounts of banks in March 31.But the newspaper argued, the public debt of some European countries at that time were about to lose a considerable share of their market value.
Barclays and Credit Agricole singled out
The Barclays and the French Credit Agricole are particularly singled out by the newspaper is a gap between one part of the quarterly and other financial documents and other data submitted under the "tests resistance "guaranteed personal loan approval. "Credit Agricole has not recognized the debt held by its insurance subsidiary," said the daily.These banks replied that they had strictly followed the guidelines provided by the Committee of European Banking Regulators (CT).
Different accounts of the BIS
The Wall Street Journal also quoted an economist at Royal Bank of Scotland, which found inconsistent amounts of government debt securities held by European banks such as accounts for the Bank for International Settlements (BIS) and the amounts that appear in tests.
According to the BIS, the French banks held on 31 March, 35 billion euros of debt from the Spanish government and 20 billion euros of debt from the Greek state.However, according to the tests, four banks accounting for almost 80% of sector assets (BNP Paribas, Credit Agricole, Natixis and Societe Generale) not held, respectively, only 6.6 billion and 11.6 billion euros in place and instead of 28 and 16 billion if we look at the figures given by the bank for central banks.
"Our findings undermine a key goal of stress testing, ie to reassure investors and bankers worldwide health of the European financial system," says the Wall Street Journal.