In total, the Comprehensive Assessment will be carried out for 128 banking groups in the eurozone. It also represents a significant step for us here in Ireland. You will be aware that five credit institutions in Ireland will be subject to this assessment – AIB, Bank of Ireland, Permanent TSB, Ulster Bank and Merrill Lynch.
Subsidiaries of Eurozone banking groups, such as KBC and ACC, also fall indirectly within scope of this Comprehensive Assessment as they may have loan or asset portfolios subject to the Asset quality review. Having conducted numerous such exercises during the EU-IMF Programme, my team is well placed to deliver the assessment for the Irish banks.