(1) Solvency stress test

means the assessment of the impact of certain developments, including macro- or microeconomic scenarios, on the overall capital position of an institution, including on its minimum or additional own funds requirements, by means of projecting the institution’s capital resources and requirements, highlighting the institution’s vulnerabilities and assessing its capacity to absorb losses and the impact on its solvency position.

(2) Liquidity stress test

means the assessment of the impact of certain developments, including macro- or microeconomic scenarios, from a funding and liquidity perspective and shocks on the overall liquidity position of an institution, including on its minimum or additional requirements.

(3) Bottom-up stress test

means a (solvency or liquidity) stress test with all of the following characteristics:

i. it is carried out by institutions using their own internally developed models;