Ireland's banks pass European stress tests Ireland's beleaguered lenders have passed a pan-European stress test, as expected, after undergoing an earlier assessment as part of an EU-IMF bailout that put the final bill for shoring up the sector at an eye-watering 70 billion euros.
The country's central bank said on Friday that Bank of Ireland , Allied Irish Banks and Irish Life & Permanent had passed the European Banking Authority (EBA) stress test.
Years of reckless lending and a devastating property crash brought Ireland's banks to the brink of collapse forcing the country to accept an 85 billion euros rescue package last autumn.
Under the Irish stress tests, which were designed to "overcapitalise" the sector and to be closely in line with the EBA tests, the core tier one capital requirement was 6 percent under an adverse scenario compared to the EBA's 5 percent.
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