Stress Testing of the Greek Banking System

Abstract

In 2005, the IMF conducted a Financial Sector Assessment Programme for the first time in Greece which included a stress testing exercise for the banking system. The aim of the exercise was to evaluate the ability of the Greek banking sector to cope with possible risks to the financial system. While the exercise concentrated on credit and market risks, liquidity and contagion risks were also considered. The purpose of the present article is to present the results of the exercise. The analysis of the results of the exercise suggests that Greek banks did have the ability to deal with both internal and external shocks, suggesting that the system as a whole was, at least at that time, in a position to deal with the kind of shocks examined. Such stress testing exercises have now been introduced on a regular basis.

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