European bank test results to be announced October 26: sources

Wed Sep 17, 2014 6:08am EDT
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By Eva Taylor

FRANKFURT (Reuters) - The results of Europe's most comprehensive ever review of its banks' health will be announced on Sunday, Oct. 26, sources told Reuters.

The sources all spoke on the condition of anonymity as the date has not yet been publicly disclosed. An announcement is expected soon.

The tests will reveal whether around 130 of Europe's largest banks need to raise more capital for losses they have already incurred and future crises.

The tests are designed to finally banish fears about the health of Europe's banks, whose valuation has lagged behind US peers since the region's debt crisis struck.

The results must be published before the European Central Bank becomes the euro zone's banking supervisor on Nov. 4.

Banks will be given their results about 48 hours before publication, to enable them to review the figures and prepare any response.

Picking a Sunday publication date reduces the risk of sensitive information leaking while major markets are still trading, since the information can be given to banks after markets close on Friday evening.

"We haven't confirmed any dates around the publication of the results," said a spokesman for the European Central Bank, which is carrying out tests on the euro zone banks.   Continued...

A huge euro logo is pictured next to the headquarters of the European Central Bank (ECB) before the bank's monthly news conference in Frankfurt August 7, 2014.   REUTERS/Ralph Orlowski