November 2, 2017 / 11:39 AM / a year ago

UPDATE 1-Greek bank test results still due in May despite EBA delay, source says

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ATHENS, Nov 2 (Reuters) - The European Central Bank’s stress test of Greek banks is still expected to be completed in May despite a delay in a pan-European check, a source familiar with the situation told Reuters on Thursday.

The Greek stress test, aimed at uncovering any shortage of capital before Greece leaves its 86 billion-euro ($100 billion) bailout in August, will be carried out separately from a regular stress test of other euro zone banks, the source said.

The delay “is not expected to affect the timeline for the stress test on Greek banks,” a person familiar with the situation told Reuters.

The European Banking Authority, which writes the criteria for the pan-European stress tests, announced earlier this week that it would only publish stress test results in November 2018, several months later than in previous years, as banks need time to implement new accounting standards, called IFRS 9.

That was forcing the ECB, which carries out the EBA test for euro zone lenders and uses the results as an input for setting its capital demands, to delay its annual review of banks on its watch, known as SREP.

“We have adjusted the SREP-process accordingly,” an ECB-spokesman said.

$1 = 0.8585 euros Reporting by George Georgiopoulos in Athens and Frank Siebelt in Frankfurt; Writing by Balazs Koranyi and Francesco Canepa; Editing by Larry King

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