Bank shares plunge amid stress test details

The value of bank shares plunged across the eurozone as details of the ECB stress tests, which will be carried out over the next 12 months, were unveiled.

There is still no political agreement on key parts of EU banking union, including how banks will be recapitalised in the event that the stress tests expose capital shortfalls.

However, analysts say the Irish pillar banks are unlikely to need capital following the stress tests.