The upcoming European banking asset quality review will represent the sector’s “last chance” to prove its credibility, former Bank of England Governor Mervyn King told CNBC.
The European Central Bank (ECB) plans to publish the results of the review of 128 bank balance sheets in late October and will assess the actions banks have taken to strengthen their capital positions.
“Financial markets will be looking very carefully in the autumn at whether the statements made about the capital positions of different banks are really credible and a lot hangs on this,” King told CNBC following his keynote speech at the Diggers and Dealers 2014 conference in Perth on Monday.
CNBC
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