Eurozone regulators gather for detail on bank review plans
February 18, 2014 00:00:00
LONDON, Feb 17 (Reuters) : The eurozone's banks are about to get greater insight into the European Central Bank's landmark review of their books, as national experts and their advisers meet in Frankfurt on Monday to hammer down details of the next phase of the tests.
The ECB is carrying out a wide-ranging review of 128 of the region's largest banks in an effort to address lingering doubts about their health before it becomes their supervisor in November.
Banks have already been asked for extensive amounts of data on their loan books and trading assets for the 'Asset Quality Review' (AQR), but know relatively little about how the ECB will interpret the data and what the methodology of the tests will be.
Three sources familiar with the tests told Reuters that representatives of all 18 eurozone supervisors had been asked by the ECB to the meeting in Frankfurt on Monday to discuss the methodology of the tests and other details of the program's implementation.
Representatives from the big four accounting firms - KPMG, Deloitte, Ernst & Young and PriceWaterhouse Coopers - who are set to earn a fortune from advising on the tests - will also attend, two of the sources said.