ITALIAN BANKS: Italian banks’ CS sample (ISP, UCG, UBI) reported 277bp CET1 consumption in the adverse scenario (293bp including Banco Popolare, Not Covered) at the aggregated level in the 2016 EBA Stress Test results. ISP and UBI were clear 'winners' with FL CET1 above the SREP (excluding P2G). In our view, the results should help to remove the higher systemic risk perception of Italian banks, which has been significantly higher after the small banks resolution in November 2015. This note highlights and measures next potential risk for Italian banks.