Zes banks fail in stress test

In the test, the Guarantee Fund examined whether 29 banks in a scenario of termination succeed in transferring information sufficiently quickly and completely so that the Guarantee Fund can pay out customers. If a bank collapses, the Guarantee Fund must repay up to 100,000 euros per customer within a period of seven working days.

The six banks that failed are not among the largest players, says the FPS Finance. Together they manage 0.05 percent of the protected deposits. The banks will be reprimanded and monitored, assures Finance spokesperson Francis Adyns. He notes that the situation has improved compared to the previous test.

There is also still work to be done for the other banks, because only ten institutions managed to pass on the data within the legal period of three days. However, this is important for rapid reimbursement of customers by the Guarantee Fund, it is said.