To this end, viability assessments and 3/5  BIS central bankers' speeches  capital needs assessments were undertaken. Those banks deemed non-viable were resolved and absorbed by systemic banks. With 14 such resolutions having successfully taken place since 2011, this process has also facilitated the considerable consolidation of the banking sector.
Following three rounds of recapitalisation, Greek banks now have among the highest capital ratios of banks in the euro area and maintain buffers sufficient to absorb additional credit losses, as the recently completed pan-European stress test indicated. They have also markedly improved their liquidity position, reducing their reliance on central bank funding, regaining access to the interbank market and issuing covered bonds.