ECB finds 1.4 billion euro capital hole at Portugal’s Novo Banco
FRANKFURT – Portugal’s Novo Banco requires 1.4 billion euros ($1.5 billion) in extra capital and this shortfall must be made up within nine months, the European Central Bank said on Saturday after testing the health of nine banks.
The ECB found that of all the banks tested for their financial robustness, only Novo Banco required capital. It now has two weeks to submit a plan to fill the capital hole. -Reuters