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European Banking Authority Statement: The EBA announces the benchmark to be used in the 2011 EU-wide stress test

( April 8, 2011, 11:00 GMT | Official Statement) -- MLex Summary: The European Union's banking authority set a pass-fail mark in this year's stress test of a 5 percent core tier 1 ratio, exceeding the legal minimum in order to boost confidence in lenders. Any of the 90 banks whose equity capital -- as measured under a common definition among all EU countries for the first time -- falls short during the what-if exercise will be called on to take remedial action.The European Banking Authority (EBA) today agreed to adopt a benchmark of Core Tier 1 (CT1) against which to assess banks in the 2011 EU-wide stress test. The CT1 benchmark will be set at 5% of risk weighted assets....

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