The results of resistance tests passed by 91 European banks confirm the overall resilience of the banking system of the European Union, said on Friday in a joint statement the European Commission, the European Central Bank and European bank regulators.
The results announced Friday by the Committee of European Banking Supervisors (CEBS) show that seven out of 91 European banks have failed this test.
"Accordingly, the test results confirm the resilience of overall banking system of the European Union to macroeconomic shocks and financial negatives, and are an important step in restoring market confidence," the statement said.
He added that banks that failed this test must first seek to strengthen their capital base with the private sector and then turn to the states if necessary, in compliance with EU rules on state aid.