Bank of Ireland passes stress test

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Bank of Ireland passes stress test

A stress test has been passed by the Bank of Ireland, which was carried out to judge its overall resilience to possible fluctuations in the European banking sector.

The review concluded that the institution exceeded the threshold of six per cent Tier 1 capital ratio that had been agreed, so the organisation's status was approved.

"Under the adverse scenario including the additional sovereign shock, Bank of Ireland's estimated Tier 1 capital ratio would be 7.1 per cent at December 31st 2011," explained the Bank of Ireland.

This result means that it has passed the threshold by 1.1 per cent or about €933 million (£779 million).

The test was carried out by the Committee of European Banking Supervisors in partnership with the European Central Bank.

Last week, the Bank of Ireland revealed that it has completed due diligence on Tranche 2 loans, which comprise of €1.1 billion of land development contracts and €1.2 billion in associated loans.

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