Ahead of a similar coordinated exercise planned at the European level, in recent weeks we completed a stress test of the Italian banking system by estimating the loan losses that would occur in the period 2009-10 in even more unfavourable macroeconomic conditions than the present ones: the portion of losses not covered by operating profit would equal about one fifth of the system’s end-2008 excess capital; overall, the outcome confirmed banks’ capital adequacy.
For the time being, the diversity of intermediaries, methodologies that are still too varied, and difficulties in comparing results make it impracticable to publish the individual results of the stress tests under way at European level. I believe, however, that this objective cannot be deferred for long without delaying the necessary return of banks to the private capital market.