European Banking Authority Also Forgot To Carry RBS’s 1

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The Scots got a little arithmetical tutoring, because not everyone grading their stress-tests is up-to-snuff on the finer points of adding and subtracting.

This was also an embarrassment for the European Banking Authority because it failed to spot both the error and the fact that it just looked wrong because the weaker bank outperformed its U.K. rival Lloyds Bank…

To avoid further embarrassment, the PRA insisted this time it get its math checked by an external auditor. Could do better.

RBS Gets Math Help in U.K. Stress Test [WSJ MoneyBeat blog]
Bank of England Stress Test Gives U.K. Major Banks Clean Bill of Health [WSJ]

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