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NPL ratios are much higher in peripheral countries than in core countries (as well as coverage ratios); The stress test might have been benign for some banking sectors; The cost of risk in the stress test does not stay at 2013 levels as impairments in 2014 are usually lower than those of 2013.

The large volume of impairments which exceeds pre-provision income in several countries makes half of the banking sectors unprofitable in 2013 (Slovenian, Cypriot, Portuguese, Italian, Greek, Irish and Austrian). Some of these impairments are extraordinary and reflect the need of balance sheet repair ahead of the AQR. After…