funkymonks - reasons to be cheerful - monday, page-105

http://www.spiegel.de/international/business/0,1518,784497,00.html

Ackermann also said that European banks were much better capitalized and less dependent on short-term liquidity than they were on the eve of the financial meltdown three years ago. He added that banks had also managed to reduce the amount of toxic assets on their books and had improved their risk management.

But, he added, "it is an open secret that numerous European banks" would run into trouble were they forced to write down their sovereign bond holdings to reflect current market value.