European Commission welcomes bank stress test

The European Commission Sunday welcomed the publication of the results of the EU-wide stress test of banks by the European Banking Authority and the comprehensive assessment by the European Central Bank.
Today's results of the stress test carried out on 123 EU banks "confirm overall positive trend" it said in a statement.
The test and the comprehensive assessment "provide reassurance to investors about the quality of EU banks' balance sheets. This will be followed up through continuous vigilance and rigorous action by all the competent supervisory authorities, it added.
However, 24 EU banks, including two in Belgium, have failed the financial health check for the year 2013.
The statement noted that one of the main weaknesses of the EU banking sector revealed by the economic crisis was significant under-capitalisation of banks.
Strengthening the resilience of the EU banking sector and better protection of taxpayers' money has been one of the main priorities of the Commission over the last five years, it added.