Basel head slams banks for ignoring stress tests

Banks around the world ignored and marginalised the severe stress tests that could have prepared them for the crisis, according to Klaas Knot, the head of the Basel Committee's risk monitoring and management group.

Knot's group issued a set of draft principles this week on improving stress testing in order to better protect the financial system against future crises.

The stress tests that banks performed were far too mild, Knot said: they typically modelled only minor stresses affecting a single

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