The results of the EBA stress tests were published late last Friday and were, we believe, largely within expectations. In this note, we will not analyze each bank but focus on the five main conclusions that we would draw from this soon-to-be yearly exercise: (i) what does it mean for Monte dei Paschi, (ii) are there significant individual surprises in the stress tests, (iii) what are the practical consequences for the banks involved, (iv) what are the practical consequences for the banks NOT involved and (v) how will these numbers impact future SREP ratios…