Friday May 1, 06:37 PM
US to reveal 'stress test' results on banks May 7
WASHINGTON (AFP) - The US government will reveal on May 7 results on "stress tests" conducted on the 19 biggest US banks that have received public aid to weather the global financial crisis, an official told AFP Friday.
The results of the tests of the banks' capacity to withstand a worse-case scenario of the current recession will be published after the stock market close Thursday, said the source on condition of anonymity.
The tests are being conducted by the Federal Reserve and other regulators at the request of the US Treasury.
The Fed, in releasing details of the tests on April 24, had indicated it would release their results in the week beginning May 4.
According to the official, the tests should reveal information about the 19 banks as a group, as well as details on each individual bank.
In its April 24 statement, the Fed noted that regulators were assessing whether the banks could withstand a 3.3 percent annualized contraction in the economy in 2009.
The US Commerce Department on Wednesday said the world's largest economy shrank 6.1 percent in the first quarter, marginally better than the 6.3 percent annualized pace in the final quarter of 2008.
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