October 31, 2015 / 12:57 PM / 2 years ago

EU executive encouraged by results of Greek banks stress test

BRUSSELS (Reuters) - The European Commission said on Saturday it was encouraged by the results of the comprehensive assessment of the capital needs of the Greek banking sector announced by the European Central Bank.

The assessment showed that Greece’s banks need 14.4 billion euros ($15.85 billion) of fresh capital.

“The European Commission takes note of the results of the comprehensive assessment of the four main banks in Greece, as published today by the European Central Bank,” a Commission spokesperson said.

“We are encouraged by these results. This is an important step in the implementation of the three-year Greek program under the European Stability Mechanism,” it said.

“The bank recapitalization process is an integral part of the efforts by Greece and its partners to restore confidence in the banking sector, so that capital controls can be gradually removed and affordable lending to the economy can resume,” it said.

Reporting By Jan Strupczewski

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