Europe to move quickly to shore up under-pressure banks

European officials are planning to speed up the recapitalisation of 16 major banks that nearly failed last summer's stress tests as the economic crisis gripping the region worsens.

According to the Financial Times, a French official said the 16 banks most at risk will now be seeking funds immediately to shore up their balance sheets. The official told the paper no French banks were on the list, despite speculation about the health of major banks such as BNP Paribas, which have seen shares sell off sharply during the crisis. The FT said the move will affect mostly mid-tier banks. Seven are Spanish, two are from Germany, Greece and Portugal, and one each are from Italy, Cyprus and Slovenia. The list includes Germany's HSH Nordbank and Banco Popolare of Italy. ...