Catherine Murphy
Ceist:121. Deputy Catherine Murphy asked the Minister for Finance when he will conduct comprehensive stress tests of covered institutions; and if he will make a statement on the matter. [36300/13]
Amharc ar fhreagraThursday, 18 July 2013
Ceisteanna (121, 166)
Michael McGrath
Ceist:166. Deputy Michael McGrath asked the Minister for Finance if he will provide details of the next stress tests to be undertaken in respect of the State supported banks; and if he will make a statement on the matter. [36674/13]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 121 and 166 together.
As stated in the programme documents that were published following the April 2013 Troika mission a stress test of the covered institutions will be conducted in accordance with the new EU methodology, ahead of and in close proximity to the upcoming Single Supervisory Mechanism (SSM) exercise.
The intention is to ensure that appropriate preparations are made early so that the Irish banks are in the strongest possible position to achieve the key goal for Ireland of a smooth entry into the SSM in 2014.
Consequently the Irish authorities have agreed with the Troika that detailed preparatory work required for the stress test will be completed in 2013. The Irish authorities, in consultation with the Troika, will conduct a series of diagnostics to provide greater clarity regarding the underlying quality of banks’ balance sheets. A key element will be a comprehensive Balance Sheet Assessment to be finalised by end-November 2013.