Results of European bank 'stress tests' July 23: Merkel

7th July 2010, Comments 0 comments

The results of "stress tests" to determine the financial health of the European banking sector will be published on July 23, German Chancellor Angela Merkel said Wednesday.

Speaking on rolling news channel N24, Merkel said the tests were "an important signal so that we can have more transparency in the system.

"The results will be published on July 23," she added.

French Finance Minister Christine Lagarde had previously spoken of publication "around July 23."

The tests, to be performed on an estimated 100 European banks, are designed to assess a bank's capacity to withstand any fresh financial or economic shocks.

Until recently, several eurozone states, notably Spain and Germany, had opposed their publication.

But mounting fears over the solvency of Spanish lenders prompted Madrid to reverse its position, a stand later adopted by Germany and endorsed by EU leaders on June 17.

© 2010 AFP

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