Five Spanish, one German and one Greek bank today failed the European stress tests under worst-case scenario conditions, in a development that led some investors to criticise the tests as "insufficiently onerous" and caution that the results must not create a "league table" of banks in Europe.

Banks in all other EU markets tested, including France, Italy, Portugal, Ireland, Austria and the UK and all but one German bank were deemed to have passed the test and have sufficient capital, according to reports. US. stocks tallied mild losses as results were being released.