“We do not see any problems related to the passing stress tests.”
Of course not! Nordic bankers usually don’t see any problems at all – ever. And why should they? Most of them have their local governments as major shareholders, and no politician will let their good buddies, former and future employers, down.
The Nordic central banks have even agreed on bailing out the Baltic banks, who have caused the Scandinavian bankers most headache, and losses, so far.
At the Nordea headquarter they’re also absolutely sure that the tests would strengthen rather than weaken the Nordic banks – in any case.
“We do not see any problems related to the passing stress tests,” Nordea Chief Executive Christian Clausen says in an interview with Bloomberg Television on Wednesday.
Adding that all the Nordic banks will come out on the upside of the stress tests.
When similar tests were conducted by the US bank regulators last year, 19 banks were exposed to a hypothetical horror scenario.
The US stress tests uncovered by some banks need more cash, but that most did fine, and bank shares rose sharply in a period following the stress tests.
Europe leaders are hoping for something of the same effect, but lately many have expressed skepticism about both the health of the European banks, and how transparent and accurate the tests are.
The following Nordic banks are included in the EU stress tests:
No Norwegian banks are submitted to the test, as Norway is not a member of the EU.
Guess that’s just as well:
More related by the Econotwist:
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