Silence on ECB Bank Review May Break on Legal Blind Spot

The European Central Bank will soon find out how hard it can be to keep a secret.

The ECB’s plan to keep its health check on euro-area lenders under wraps until the completion of a stress test in October could be undermined by national rules requiring disclosure far sooner. Domestic regulators may order banks to tap the market immediately if an Asset Quality Review ending in July shows they need more capital, according to law firms including Clifford Chance LLP.