Irish banks pass new stress test
NEW stress tests on Anglo Irish Bank and Irish Nationwide found that there is no need for the State to inject additional money into the two institutions.
The Central Bank said that BlackRock Solutions, which carried out reviews of the other Irish banks earlier this year, had looked at Irish Nationwide's mortgage, commercial property and other lending books and found that the previous estimates were "robust".
The announcement comes after Bank of Ireland, Irish Life & Permanent revealed plans to impose losses of as much as 90pc on junior bondholders. Minister for Finance Michael Noonan (above) said the move to "burn" the junior, or subordinated, bondholders was in line with Government policy.