Reuters: Regulatory News: EU watchdog happy with bank stress test progress

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EU watchdog happy with bank stress test progress May 2nd 2012, 16:23 LONDON | Wed May 2, 2012 12:23pm EDT LONDON May 2 (Reuters) - The European Banking Authority said on Wednesday it was pleased with progress by banks in meeting tougher capital requirements as part of a European stress test of the sector. "The EBA is, in general, satisfied with the progress made... noting that the actions taken include capital strengthening and adequate recognition of losses," the watchdog said in a statement. Seventy-one banks are being monitored by the EBA to check if they meet the requirement of holding core tier 1 capital of 9 percent by the end of June.

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