French Banking Federation: The French banks successfully completed the asset quality review (AQR) and stress tests organized by the European Central Bank

PARIS, 29-10-2014 — /EuropaWire/ — The French banks have successfully completed the asset quality review (AQR) and stress tests organized by the European Central Bank (ECB). The satisfactory results of this joint exercise demonstrate the strength of French banks in relation to stringent risk management and their universal diversified banking model. “This exercise clearly illustrates the resilience of the French banking model. This is a key issue in the ongoing debates regarding banks. Our model is solid”, underlined Marie-Anne Barbat-Layani, chief executive officer of the French Banking Federation. (FBF).

The exercise which consisted of an asset quality review and a stress test has been unprecedented in terms of scope and substance. It creates transparency thereby fostering investor confidence in the stability of the Euro zone banking sector. This was a necessary precondition before the implementation of the Single Supervisory Mechanism as from November 4, under the authority of the ECB which will assume direct control of the 130 banks of the Eurozone including the main French banks.

The Single Supervisory Mechanism for Euro zone banks is the first pillar of the Banking Union. Supervision based on the same methods provides a guarantee of quality and independence. The Eurozone is the only area to have a single supervisory authority.

CONTACT
Colette Cova
email : ccova@fbf.fr
Tel : 01 48 00 50 07

Terence de Cruz
email : tdecruz@fbf.fr
Tel : 01 48 00 50 07