Eurozone bank stress test results due on July 15: EBA

8th July 2011, Comments 0 comments

The EU banking regulator said Friday that it will publish the results of its stress tests on eurozone banks in one week's time.

The results, carried out on 91 banks that represent 65 percent of the Europe's bank sector, will be published at 1600 GMT on July 15, the London-based European Banking Authority said in a statement.

"The test is being applied consistently across participating banks as part of a coordinated EU wide effort to improve transparency, identify vulnerabilities, inform policymakers and ensure appropriate measures are taken to address possible deficiencies," the EBA said.

"The presentation of the results will also include clear disclosure of credit and sovereign exposures."

The tests are designed to combat criticism over last year's banking sector review which found that just seven out of the 91 European banks inspected were vulnerable to economic stress.

Of the 91 tested in 2010, five in Spain, one in Germany and one in Greece failed to pass but those cleared included Irish banks that subsequently need billions more in bailout funds.

© 2011 AFP

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