Eight European banks failed stress tests Friday, showing that they would be unable to withstand a prolonged recession, the European Banking Authority said on Friday. 16 further banks barely passed, according to Europe’s banking regulator.
AP - Eight of 90 banks have flunked stress tests that project how they would fare in another recession, and 16 more barely passed, Europe’s banking regulator said Friday.
The failing banks should “promptly” take steps to strengthen their financial cushions against losses, the European Banking Authority said as it released the results. The failing banks were in total €2.5 billion ($3.5 billion) short of the capital they needed to pass.
Date created : 2011-07-15