BRUSSELS - The European Union has conceded the summer's stress tests into 91 banks were not stringent enough and confirmed that it is planning a new set of tests from February.
Olli Rehn, the EU's monetary chief, said Tuesday following a meeting with the EU's 27 finance ministers that more specific proposals will be outlined soon and that banks' liquidity position will be assessed next time round.
July's stress tests have come under criticism after the bailout of Ireland last month was predicated largely on the financial problems afflicting its banks. All the Irish banks assessed in July were given a clean bill of health.
Rehn said it is his view that the tests should be fully transparent.
