Rodriguez Valladares took it a step further, saying the banks’ inability to produce accurate, timely data about their holdings essentially invalidate the quantitative portion.

“When the banks themselves are telling the Basel Committee that they have a problem, I don’t see how people can take these stress tests or capital ratios seriously,” Rodriguez Valladares told SNL. “I’m talking to people who are working at these banks and they’re like, ‘Yeah, you do what you can.’ But they’re far from having reliable data that then means anything when it comes to stress tests or capital ratios.”