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BLOOMBERG ARE REPORTING that Permanent TSB has failed European Central Bank Stress tests and will need additional capital of between €700 million to €800 million.
Extra funding for the state-owned bank would not necessarily come from the taxpayer but Permanent TSB’s failure of the tests is the first such failure by an Irish bank.
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Bloomberg say that the results will be officially announced on Sunday but that a source has told them that Permanent TSB failed the most extreme stress test case.
The bank will now have two weeks to formulate a plan about how to raise funds with it being highly likely that that they will seek to raise the additional capital on the stock market.
The ECB stress tests place a bank’s finances under a series of hypothetical scenarios to see if they would cope would adverse economic conditions.
In its latest results, Permanent TSB recorded a half-year loss of €171 million, a 62% decrease on the operating loss it recorded in the previous year.
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