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No Sweat - Banks Pass Stress Tests

stress testsThe island's biggest banks, Bank of Cyprus and Marfin Laiki Bank, have both passed Europe-wide stress tests, proving their resilience to adverse financial conditions, said the finance ministry.

The news is positive for investors in the banks and could boost business confidence, said analysts. Earlier today, European stock markets opened higher on the news that all except seven of the 91 participating banking insitutions had passed the stress tests.

The seven banks which failed included five Spanish banks - Diada, Espiga, Banca Civica, Unnim and Cajasur - Germany's Hypo Real Estate, and Greece's ATE Bank.

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