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25 eurozone banks fail ECB checks
26 Oct 2014 07:07
The European Central Bank has claimed that 25 eurozone banks have failed a health check according to leaked documents.
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Nearly one in five of the 130 banks surveyed failed the stress test, the Wall Street Journal and the Daily Telegraph said.
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This comes ahead of the publication of the official results by the ECB tomorrow.
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The unprecedented health check of eurozone banks comes before the ECB assumes the role of the region's banking supervisor next month.
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The Frankfurt-based institution takes on its new watchdog role on 4 November and it hopes that a "comprehensive assessment", made up of a so-called asset quality reviews and a "stress test", will uncover any potentially nasty surprises beforehand.
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Citing a draft memo seen by Bloomberg, the Telegraph report said only 10 of the 25 banks which failed the stress test would be told to raise more cash.
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The failing banks were thought to be in Ireland, Italy, Greece and Austria and will have until 10 November to fill in capital shortfalls, the paper reported.
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The banks were already given a preliminary indication of their outcome on Thursday.
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