Irish banks pass stress test

Two of Ireland’s most important financial institutions demonstrated their resilience this week by passing a European stress test.

The Bank of Ireland and AIB passed the test conducted by the Committee of European Banking Supervisors in partnership with the European Central Bank.

The test measured the banks’ potential to survive intact through difficult economic circumstances.

Irish finance minister Brian Lenihan welcomed the test results.

The results demonstrated that targets set for the banks by the Central Bank and the Financial Regulator are viable, Lenihan said.

He also welcomed the increased transparency brought to Europe’s banking system by the continent-wide stress tests.

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