Brussels, 12/11/2014 (Agence Europe) -The eight eurozone banks which failed the health check of the European banking sector presented the ECB, which is now their single supervisor, with their recapitalisation plans earlier this week.
These financial institutions have between six and nine months to raise capital to cover the identified deficits (EUROPE 11185). For example, Italy's Monte dei Paschi di Siena has announced a capital increase of €2.5 billion to plug a gap of €2.1 billion. The procedure is the same for Ireland's Permanent TSB, which needs to find €850 million. In Austria, the head of the network of cooperative banks, Övag, which needs to lay its hands on €860 million, said that it would reduce the number of financial institutions under its remit from 42 to 8.
The other banks concerned are: Banco Comercial Português (deficit observed: €1.15 billion), Italian banks Banca Carige (€810 million) and Banca Popolare di Venezia (€220 million) and the Hellenic Bank of Cyprus (€180 million). (MB)