Information Channel

Local Time: 8/9/2010 3:41:14 AM GMT Time: Wed, 8 Sep 2010 01:41:14

European governments relieved by bank stress tests (7/24/2010)

Europe sighed with relief Saturday after most of the continent's banks passed financial stress tests, but analysts warned that the exams might not be tough enough to restore confidence in the sector.

The euro fell just after the release of the test results late on Friday but made up the lost ground. US stocks also ended slightly higher but European governments face a nervous wait for markets to reopen on Monday to get the full global reaction. Only seven out of 91 banks failed the tests, which were organised in hope of reviving investor confidence in Europe's embattled banking sector. German state-owned lender Hypo Real Estate, five regional savings banks in Spain and ATEBank of Greece failed the test of whether they could resist a new financial shock. All have been ordered to recapitalise or take state aid. The Committee of European Banking Supervisors (CEBS), which carried out the tests, said the seven banks would need about 3.5 billion euros (4.4 billion dollars).

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