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"This has to do with business models, the business context, corporate governance, banks' internal control systems, the management of credit risk and operational risk," Ignazio Angeloni said in a speech at a banking conference in Rome.
"We also have to consider that in many cases the shortfall is just the tip of the iceberg," he said.
After subjecting European banks to year-long "stress tests" of their balance sheets, the ECB is now planning a deeper examination to see whether their businesses are sufficiently profitable, efficient and well-run.
Thirteen banks, including four in Italy, failed the ECB tests - whose results were published at the end of October - and need to fill a total 9.5-billion euro capital hole, although some have already taken measures to plug the deficit.