This level was set in a context of very unfavourable economic developments and took into account the events taking place up to the present. The impairment reinforcements made in the interim by the banking groups as at 30 June 2013 covered all the reinforcement needs for impairment identified in this exercise.
While the two first exercises were conducted by independent auditors, this horizontal operation was carried out by each banking group’s external auditor, based on benchmarks and guidance adopted by Banco de Portugal.