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Bank auditors to be selected for new stress tests
Malta said to select bank auditors for ECB balance sheet review
Malta's banking regulator has selected auditors to review the books of the country's three largest lenders as part of the European Central Bank's Comprehensive Assessment, Bloomberg has reported.
Bank of Valletta will be audited by KPMG, and HSBC Bank Malta will be assessed by PricewaterhouseCoopers, although the decision hasn't been made public.
Deutsche Bank (Malta) Ltd. will be reviewed by Ernst & Young LLP.
The Malta Financial Services Authority has hired the local unit of Deloitte & Touche LLP as a consultant for the Comprehensive Assessment, which the European Central Bank is conducting in preparation for assuming full oversight of euro-area banks in November, one of the people said.
Spokespeople for the three banks and the MFSA declined to comment.
Joseph MELI •
Wonder why all the stakeholders 'declined to comment?'.They would be even less inclined to comment if someone asked them what sense of actual purpose do these going-through-the -motions 'strees' test serve?Especially given that just prior to going 'belly-up' a number of banks in Ireland,Spain and Portugal all passed similar 'tests' with flying colours.Finally ,where these stress test commissions subject to a tender process or as a result of direct orders?
