ECB hails results of EU bank stress tests

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The European Central Bank hailed on Friday the results of European Union stress teste of major commercial banks, saying the findings confirmed banks could survive severe shocks.

The ECB "welcomes the publication of the results" of tests on 91 banks which "confirms the resilience of EU and euro area banking systems to major economic and financial shocks," a statement said.

The London-based Committee of European Banking Supervisors released results of tests conducted in cooperation with national supervisory authorities and the ECB to reassure investors that European banks stood on firm financial footing.

Analysts have warned however that if the tests are deemed to lenient it could increase tension on crucial interbank lending markets.

© 2010 AFP

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