London, UK (BBN)- Twenty-four European banks have failed stress tests of their finances, the European Banking Authority has announced.
The banks now have nine months to shore up their finances or risk being shut down, the BBC reported.
They include nine Italian banks, three Greek banks and three Cypriot banks.
The health check was carried out on 123 EU banks by the EBA to determine whether they could withstand another financial crisis.
The review was based on the banks' financial health at the end of 2013.
Many of them have taken measures to bolster their balance sheets in the meantime.
BBN/SSR/AD-26Oct14-5:49 pm (BST)