Results of the 2025 EU-wide stress test

1 August 2025

Today the European Banking Authority (EBA) has published the results of the EU-wide stress test conducted jointly by the EBA and the European Central Bank (ECB) covering the largest European banking groups.

In particular, the EBA has published the results of the exercise conducted on the 64 largest European banking groups (for Italy: UniCredit, Intesa Sanpaolo, Banco BPM, Iccrea, BPER and Monte dei Paschi di Siena).

Regarding the Euro area countries, the ECB has published aggregated results for 96 Significant Institutions included in the exercise. Among these, for the 45 banks not included in the EBA sample (for Italy: Mediobanca, Cassa Centrale Banca, Banca Popolare di Sondrio, Credito Emiliano, Mediolanum and Fineco), the information is less granular compared to that published by the EBA.

This publication approach follows the principle of proportionality, as these banks are smaller than those participating in the stress test exercise coordinated by the EBA.

Based on the transitional rules provided under the Capital Requirements Regulation (CRR3) (1), the Italian banks' CET1 ratio would decrease, under the adverse scenario, by 1.8 percentage points on average, to 13.9% as of end 2027. Based on the fully loaded rules, applicable as of 2033, the figures would be respectively 1.5 percentage points and 13.4%.

The main driver of these results is profitability, which more than offsets costs and absorbs losses stemming from credit risk and, to a lesser extent, those originating from market and operational risks.

(1) The CRR3, implementing in the Union the Basel III standards, came into force on January 1 2025 and have been incorporated into the stress test methodology. Considering that the CRR3 will be gradually implemented through transitional provisions extending until 2033, the results of this exercise are presented both under the transitional rules and under the assumption of full implementation of the regulation.

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