July 30, 2020 / 3:43 PM / 6 days ago

Postponed EU stress test of banks rescheduled for January 2021

FILE PHOTO: European Union flags flutter outside the European Commission headquarters, ahead of an EU leaders summit at the European Council headquarters, in Brussels, Belgium July 16, 2020. REUTERS/Yves Herman

LONDON (Reuters) - The European Union’s next stress test of leading banks will take place in January next year, with the results published at the end of July 2021, the bloc’s banking watchdog said on Thursday.

The European Banking Authority said 51 banks will take part, 39 from the euro zone. The bi-annual test had been due this year but was postponed to allow banks to focus on dealing with the coronavirus pandemic.

“UK banks are excluded from the sample, while their EU27 subsidiaries are included when necessary,” the EBA said in a statement.

The watchdog consulted in January on possible changes to how the stress test is conducted, proposing to ease the exercise to cut compliance costs.

The EBA said on Thursday it would make a final decision next year on any changes that would be introduced in the 2023 test.

Reporting by Huw Jones; Editing by Jan Harvey

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