Rehn: No black holes due to emerge in bank stress tests

EU economics commissioner Ollie Rehn has given Irish banks a clean bill of health and said no new “black holes” are expected to emerge during the stress testing of institutions next year.

Just days ahead of Ireland leaving the bailout programme, the European Commission’s vice president has also spoken for the first time about his shock when he first heard about the country’s bank debt.

He also said that one of the mistakes that Ireland had made was to issue a blanket guarantee for the banks.