Eight Banks Fail EU Stress Test With $3.5B Shortfall
By Ben Moshinsky and Gavin Finch
Eight banks failed the European Union stress tests after regulators said today they had a combined capital shortfall of 2.5 billion euros ($3.5 billion), far less than predicted by analysts and investors. Greece’s EFG Eurobank Ergasias SA (EUROB) and Agricultural Bank of Greece (ATE) SA, Austria’s Oesterreichische Volksbanken AG (VBPS) and Spain’sBanco Pastor SA (PAS), Caja de Ahorros del Mediterraneo (CAM), Banco Grupo Caja3, CatalunyaCaixa and Unnim failed. A further 16 lenders scraped through, the European Banking Authority said. All banks examined in Italy, Germany, France, the U.K. and Ireland passed.
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Comment: Well, so far so good, yet it is not the things foreseen that cause trouble but the "unknown unknowns".
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