ECB To Launch EU-Wide Audit Of Bank’s Balance Sheets
Wednesday, June 5, 2013 8:08
% of readers think this story is Fact. Add your two cents.
from Zero Hedge:
France and Italy are fighting against ambitious plans by the ECB to basically ‘externally audit’ 140 banks across the EU representing 80% of Europe’s banking assets. The implementation of the project (by the head of financial stability at the central bank) appears to have two main drivers. First, to understand which banks’ balance sheets are inhibiting lending (and why); and second, to ensure there is clarification on taxpayer-funded bailouts versus shareholders and depositors taking losses first. As Zeit reports, it seems the ECB appears to be questioning the reliability of the banks own figures.
