17 of 18 largest banks in U.S. pass Fed stress test

17 of 18 largest banks in U.S. pass Fed stress test
# 08 March 2013 03:08 (UTC +04:00)

Baku-APA. U.S. Federal Reserve on Thursday announced that 17 of the 18 largest banks passed the latest round of stress test, evidence that most U.S. big banks have enough capital buffers to withstand a deep economic recession, APA reports quoting Xinhua.

"The nation's largest bank holding companies have continued to improve their ability to withstand an extremely adverse hypothetical economic scenario and are collectively in a much stronger capital position than before the financial crisis," the central bank said in a statement releasing results of the bank stress tests.

Government-controlled Ally Financial Inc., the former financial arm of General Motors, was the only bank to fail the stress test.

Under the most severe scenario of the test, U.S. unemployment rate will reach 12.1 percent, stock values will shed more than 50 percent, and the housing prices will plummet more than 20 percent.

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THE OPERATION IS BEING PERFORMED