At least 11 banks are about to fall Europe’s stress tests

Austria’s Erste Bank has rejected a report that it is among at least 11 banks set to fail a region-wide financial health check

Austria’s Erste Bank has rejected a report that it is among at least 11 banks set to fail a region-wide financial health check

“Out of the supervisory dialogue we have no indication we won’t pass,” an Erste spokesman said.
Financial resources named 11 banks which have flunked the stress tests on 130 lenders by the European Central Bank.

Traders are pictured at their desks in front of the DAX board

Traders are pictured at their desks in front of the DAX board


They are two from Austria, three from Italy, three Greek banks, and one each from Belgium, Cyprus and Portugal.

None of the other banks named in the report has commented.

Those listed were Italy’s Banco Popolare, Monte dei Paschi and Banca Popolare di Milano, Greece’s Alpha Bank, Piraeus Bank and Eurobank, Portugal’s Millennium BCP and Belgium’s Dexia.

A second, unnamed Austrian bank and a Cypriot bank were set to fail the tests, which are intended to show how banks would cope under various economic scenarios, including adverse ones.

Banca Popolare di Milano’s CEO had said recently that the feedback he had got from the ECB in the one-to-one meeting was reassuring.

The ECB said all inferences are ‘highly speculative’ at this stage and it could not comment on individual institutions.

One London-based trader from a major US bank questioned the accuracy of the list. “This is taking a 2013 snapshot and most of the banks on that list have already raised money through 2014 and done significant balance sheet actions this year,” the trader said.
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