Spain and Italy’s leading banks were the strongest performers in last week’s European stress tests, in a surprise result that could help relieve the funding pressure that had been building on them.
The European Banking Authority, which conducted the exercise, found an aggregate capital shortfall of only €2.5bn ($3.5bn) at eight banks, prompting criticism the tests were not tough enough, in part because they did not account for any sovereign failure even as Greece teeters on the brink of default.
A ninth bank, Germany’s Landesbank Helaba, also failed but refused to disclose its result as part of the exercise.
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