M&G slams Cebs stress tests

The stress tests of the European banking industry by the Committee of European Banking Supervisors (Cebs) was rendered "an irrelevance" by failing to include the risk of sovereign defaults and ignoring historic debt levels, according to researchers at M&G, the asset management arm of UK insurer Prudential. The firm is not convinced the banking sector will be able to meet the requirements of the upcoming Basel III regulations, due to be in force by 2012.

The test results were published on Friday

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