June 10, 2013 / 4:17 PM / 5 years ago

Bank stress tests could be done in two stages - Unicredit CEO

MILAN, June 10 (Reuters) - The chief executive of Italian bank UniCredit said on Monday bank stress tests could be done in two stages, starting with local tests in 2013 and moving to EU-wide tests by a European authority the following year.

“Even we don’t have precise information. There was an initial informal statement to the major banks which explained there will be stress tests in two different stages,” Federico Ghizzoni said in a briefing with the press.

Ghizzoni said the local test in Italy would be carried out by the Bank of Italy. He said a European authority would then step in the next year, but added he did not yet know which.

He said the tests would probably be based on asset quality and bad loan coverage.

Reporting By Gianluca Semeraro, writing by Isla Binnie and Stephen Jewkes

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