One of the world’s leading credit rating agencies yesterday reassured EU governments that the costs of resettling refugees won’t undermine their credit worthiness.

The run on Greece’s lenders could have serious economic effects on neighbouring countries too, Standard & Poor’s has warned.

Euro-area bond yields near record lows are leading governments to be complacent, according to Standard and Poor’s head of sovereign ratings Moritz Kraemer.

The Irish banks probably have enough capital not to fail the ECB stress tests, but they do not have sufficient levels to start functioning normally, according to Standard & Poor’s Nigel Greenwood.

US stocks meandered to a mixed finish yesterday as higher oil prices pressured the market, but the Standard & Poor’s 500 index neared a four-year high in a sign of underlying bullishness.

THE international credit ratings agency Standard & Poor’s has expressed concern about Ireland's financial system.