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Banks fail EU stress tests as 13 are given six months to restore health


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Banks fail EU stress tests as 13 are given six months to restore health

Twenty-five major European banks could have failed in 2013 had there been a new financial crisis, but today half of them are out of danger.

So says the ECB, publishing its first-ever bank stress test results, but it insists 2014 has seen improvements.

Nearly one in five of Europe’s 130 biggest banks failed the 2013 stress test, including the world’s oldest, one of nine Italian banks concerned. Cyprus and Greece had three each.

In total the Tremoring 25 had a collective capital shortfall of 25 billion euros. In Britain Lloyds came very close to failing the tests, but of the 25, 12 have since raised 15 billion of new capital and are secure.

The 13 remaining banks have two weeks to send the ECB their proposed solutions, and then nine months to restore their balance sheets.

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