European Union triples number of banks for stress tests

In what could be a key step toward cleaning up a sector reeling from the collapse of a decade-long housing boom, Spain's central bank outlined details overnight behind a state-financed bank rescue fund that it said will support a “historic” consolidation of the country's savings banks.

The Bank of Spain said it authorised injecting €11 billion ($15.8bn) in public funds to aid in the restructuring and bolster the balance sheets of the merged banks.

At the same time, the European Union said it would triple the number of banks subject to public stress tests to allay a growing global anxiety over the bloc’s finance sectors.

For more: European Union triples number of banks for stress tests | The Australian