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EU confirms 91 banks to face stress tests

A total of 91 European banks are to be subject to stress tests, the European Union (EU) has announced.

The Committee of European Banking Supervisors revealed the names of the affected banks, a list which includes HSBC, Barclays, Lloyds and Deutsche Bank.

Publication of the results of the tests - which are designed to assess the ability of the financial institutions to withstand future crises - will take place on July 23rd 2010.

The list represents around 65 per cent of the whole of the EU's banking sector.

Regulators in the UK have already expressed confidence in the British banks passing the test, with the Financial Services Authority stating it is 100 per cent certain the likes of Royal Bank of Scotland will make the grade, reports BBC News.

Earlier this month, European Central Bank president Jean-Claude Trichet told Reuters that the publication of the stress tests results will be an "important element" in restoring the confidence of the markets in the region.

By Tony Aynsley