11 European banks failed stress test, says EFE

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On Sunday, the European Banking Authority (EBA) will publish the results of its stress test – but the Spanish news wire EFE has already reported that 11 of the 123 banks have failed.

The news agency claimed that three Greek, one Cypriot, one Belgian and two Austrian banks, as well as three Italian financial institutions, fell short of requirements. HSBC, Lloyds, RBS and Barclays were among the major UK banks tested, none of which are thought to have failed.

Despite some uncertainty over whether the figures came from the EBA’s stress test or a similar test run by the European Central Bank (ECB), the latter has strongly denied being a possible source, saying that their own assessment is yet to be completed. “The results will not be final until they are considered by the Governing Council of the European Central Bank on Sunday 26 October, after which they will be published,” said the ECB in a statement.

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