The results of stress tests on 91 European banks confirm the overall resilience of the European Union banking system, the European Commission, the European Central Bank and European banking supervisors said in a joint statement on Friday.The results, released by the banks and the Committee of European Banking Supervisors (CEBS), showed that 7 of the 91 banks failed the tests under the most adverse conditions."Accordingly, the results of the test confirm the overall resilience of the EU banking system to negative macroeconomic and financial shocks, and are an important step forward in restoring market confidence," the statement said.It said banks that failed the test should first seek to reinforce their capital base via the private sector and then restore to their national governments if necessary, all the while respecting EU state-aid regulations.(Writing by Luke Baker, editing by Timothy Heritage)News posted by www.newsinfoline.com
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