Spanish banks fail stress tests - reports

Several of Spain's 18 savings banks have failed tests to see how they would cope with worsened economic conditions, according to reports.

Spanish newspaper El Pais says some of those institutions unable to pass the resilience measures have been involved in recent mergers. Separately, Manfred Weber, the head of the Association of German Banks, says he is confident German banks "all in all" would perform well at the tests. Results of the tests on 91 European lenders, which use scenarios including declines in the value of sovereign debt they hold, are due at 5pm. The Financial Services Authority has already said it expects the UK banks to pass the tests. The euro slipped 0.2% against the dollar to a session low aroun...