EU banks solid, stress test shows-Spain finmin

October 1, 2009

Spain's Economy Minister Elena Salgado listens to a question during a news conference at the G20 Finance Ministers summit in London September 5, 2009. Finance ministers and central bankers from the G20 nations were meeting in London on Saturday to lay the foundations for a summit of leaders in the U.S. city of Pittsburgh later this month.    REUTERS/Kevin Coombs     (BRITAIN BUSINESS POLITICS)    GOTHENBURG, Sweden, Oct 1 (Reuters) – The European banking sector is solid enough to withstand a deterioration of economic conditions and under the worst case scenario could face 400 billion euros of write-downs, Spanish Finance Minister Elena Salgado said.
   “The ministers shared the view that the 22 systemic banks (in Europe) are solid enough to resist a deterioration of conditions. This deterioration will not happen,” Salgado told reporters on the sidelines of an EU finance ministers’ meeting.
   Asked about the 400 billion euros figure, reported in the media, she said : “In the worst case scenario, the maximum total of risks would be around this figure.
   ((Reporting by Julien Toyer, writing by Jan Strupczewski, tel +32 2 287 68 37, fax  +32 2 230 55 73, e-mail: jan.strupczewski@reuters.com; RM: jan.strupczewski.reuters.com@reuters.net))
 Keywords: EU BANKS/TEST 
  
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 Thursday, 01 October 2009 17:17:35RTRS [nWEA3388] {EN}ENDS

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