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They did not act earlier to protect the Cypriot tax payer and the AQR should have raised alarm bells if they took time to read the PIMCO report.
However, an Asset Quality Review (AQR) of all the banks will need to be performed before the ECB assumes full regulatory responsibility in 2014 and before the stress testing of the 140 banks is carried out.
Next, to overcome its crisis of credibility and re-establish the trust of investors, Ireland had to set up a very granular AQR and stress test that had a degree of disclosure similar to what was realised with the SCAP.
Finally, the European Banking Authority (EBA)1 Stress Test performed in 2011 examined 90 banks and although the capital level required of the banks was not vastly different from the CEBS's recommendations, the level of granularity and disclosure was much greater and similar to the Irish AQR.
In contrast to the EBA's stress test (which remains a top-down approach), the granular AQR in 2014, as anticipated by some senior officials, will be bottom- up.
Using RCS selected by LECS algorithm, OECS algorithm calculates alternative QRS (AQRS) location between LMS and LNP such that total time required for [T.sub.EQF] and [T.sub.ERF] would be less or equal to response collect trip time ([T.sub.R]).
The routing path constructed by MECS algorithm costs more energy to gain time by attempting to select an alternative QRS (AQRS) as well as an alternative RCS (ARCS) in the hope that response message can be reachable by MS before the deadline.
Then alternative QRS (AQRS) location is calculated such that response message arrives to ARCS before MS.
Considering deadline if such AQRS location is not available, MECS algorithm recalculates AQRS and ARCS locations such that the distance between these two locations would be the largest.
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- Aqqad, Abbas Mahmud