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Eight banks failed the European Banking Authority’s (EBA) stress test, the body has announced.  The EBA tested 90 banks across Europe in a financial health check that aims to ensure banks have sufficient capital to withstand challenging economic events.

The names of the banks have not yet been released.

The Financial Services Authority is quoted as saying: “The results support our own stress tests and we are pleased that the major UK banks have capital above the minimum required in the test, reflecting the work we and the banks have undertaken to improve resilience since the crisis.”

July 20, 2011

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