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For those who advocate leaving large financial institutions to their own designs until regulators see trouble brewing, I submit this:
"Bank of Cyprus and Marfin Popular Bank were subject to the 2011 EU-wide stress test conducted by the European Banking Authority (EBA), in cooperation with the Central Bank of Cyprus, the European Central Bank (ECB), the European Commission (EC) and the European Systemic Risk Board (ESRB).
The Central Bank of Cyprus notes the announcements made today by the EBA on the EU-wide stress test and fully acknowledges the outcomes of this exercise.
The EU-wide stress test, carried out across 91 banks covering over 65% of the EU banking system total assets, seeks to assess the resilience of European banks to severe shocks and their specific solvency to hypothetical stress events under certain restrictive conditions. The exercise requires that the results and weaknesses identified are acted on to improve the resilience of the European financial system.
The assumptions and methodology were established to assess banks
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