On October 26, 2014, the European Central Bank (“ECB”) published its report on the results of the comprehensive assessment of 130 of the largest banks in the Eurozone as of December 31, 2013. The ECB identified 25 banks with capital shortfalls, totaling €25 billion. The banks are established in Austria (1 bank), Belgium (2 banks), Cyprus (3 banks), France (1 bank), Germany (1 bank), Greece (3 banks), Ireland (1 bank), Italy (9 banks), Portugal (1 bank), Slovenia (2 banks), and Spain (1 bank). The comprehensive assessment included an asset quality review and a forward-looking stress test of the banks and was undertaken before the ECB assumes its prudential supervisory role under the Single Supervisory Mechanism (“SSM”) on November 4, 2014.

The ECB announcement is available at:

https://www.ecb.europa.eu/press/pr/date/2014/html/pr141026.en.html.