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Europe

French finance minister says European banks are ‘solid and healthy’

Text by News Wires

Latest update : 2010-07-05

French Finance Minister Christine Lagarde said the stress tests of European bank's capacity to withstand shocks, which will be published on July 23, will show European banks are "solid and healthy".

AFP - So-called stress tests of European banks' capacity to withstand shocks will be published on July 23 and show the sector is "solid and healthy", the French finance minister said Sunday.

"Around July 23 the results of the stress tests will be published," Christine Lagarde told journalists on the sidelines of Rencontres economiques conference in the southern French city of Aix-en-Provence.

"You will see that banks in Europe are solid and healthy."

In the face of investor concerns about the health of the European banking sector, EU leaders agreed last month to publish the results of stress tests in July.

The tests, which have since been broadened out to cover some 100 European banks, are supposed to show whether banks have enough capital to absorb heavy losses triggered by economic or financial shocks.

Financial markets have been unable to shake off concerns that some European banks' balance sheets are burdened by bonds from Greece, Spain and Portugal, which have lost significant value over the course of the ongoing debt crisis.
 

Date created : 2010-07-04

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