ECB's Stress Test Will Boost European Distressed Market
Law360, New York (November 6, 2014, 10:34 AM EST) -- On Oct. 26, 2014, the European Central Bank released the results of its "comprehensive assessment" of the financial health of 130 banks in the European Union. Twenty-five banks "failed" the test; within that group, 12 banks have already proactively raised capital to bring their capital ratios into compliance and 13 banks will be required to raise an aggregate €6.1 billion in the next six to nine months. In the grand scheme of things, these numbers do not appear insurmountable. The collective sigh of relief from the European markets, and the banking sector in particular, was plainly audible.
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