The region's 124 most important banks are undergoing an assessment of their risky assets designed to determine how well they would cope with future market shocks.
Banks' composition of capital, risk weighted assets and profit and loss figures will be disclosed, along with their exposure to sovereigns, credit risk and securitization, the EBA said. Up to 12,000 data points will be published about each bank.
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It also revealed that, for the first time, what's known as a bank's "fully-loaded" common equity tier 1 capital ratio would be published.
The common equity tier 1 capital ratio measures a lender's core equity capital against its risk-weighted assets and is a key measure of a bank's ability to withstand economic shocks. This "fully-loaded" ratio is designed to provide a comparable measure across the EU, to avoid reporting discrepancies in different countries.
Europe's banks have been at the heart of the euro zone's financial crisis, after taking on too much debt which turned toxic when borrowers struggled with their repayments. A number of European governments were forced to step in and rescue their struggling institutions – deemed in many cases "too big to fail" – which in turn hit the solvency of these already debt-laden countries.
The stress tests, which will be finalized later this year, form a crucial part of the EU's efforts to prevent this from happening again.