EIOPA chairman Gabriel Bernardino said he was not yet in a position to provide details on the outcomes of the QIS exercise, but conceded it was fair to assume there would be "considerable variation" in the results. He added that the inconsistencies encountered during the first QIS needed to be "carefully" mapped, so that they could be improved on in future exercises. "I think that the next exercise can be considerably less extensive with regard to the number of scenarios being tested and provide better guidance and more simplifications", Bernardino said.
EIOPA had previously stressed that the adoption of the holistic balance sheet would require further QIS exercises to be conducted. Sending its technical specifications to the Commission ahead of the launch of the QIS in October last year, it said it had already identified "a number of areas" it hoped to examine further.
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