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EU, IMF Worry Over Health Of Europe Banks
Source: Agencies |
September 21, 2011, Wednesday
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Print Edition
Print Edition
THE European Union and the International Monetary Fund yesterday raised concerns over the health of European banks as the continent's debt crisis worsens.
The EU's competition commissioner warned that more than the nine banks that failed the stress tests this summer may need to be recapitalized and proposed extending crisis rules that make it easier for governments to rescue failing lenders.
Meanwhile, the IMF said in its half-yearly World Economic Outlook that banks needed to boost their capital buffers more quickly and beyond new minimum levels set to come into force in 2019.
Their concerns come as market worries grow about the impact of a potential default by Greece or other struggling countries on banks.
The EU's competition commissioner warned that more than the nine banks that failed the stress tests this summer may need to be recapitalized and proposed extending crisis rules that make it easier for governments to rescue failing lenders.
Meanwhile, the IMF said in its half-yearly World Economic Outlook that banks needed to boost their capital buffers more quickly and beyond new minimum levels set to come into force in 2019.
Their concerns come as market worries grow about the impact of a potential default by Greece or other struggling countries on banks.
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