We are working very intensely to meet this deadline, together with the national competent authorities in all euro area countries. In order to ensure a clean and sound start, the ECB has also designed a comprehensive assessment to restore the health of the banking sector and confidence in it.
As announced by the ECB on 29 April, banks will be expected to cover capital shortfalls within six to nine months after the disclosure of the results. The EBA will be closely associated to this exercise which has to be fully in line with the Single Market to ensure that the EU financial system as a whole will be revitalised.