Worlds oldest lender fails European banking stress test

Italian central bank defends institutions after Monte dei Paschi di Siena and eight other banks are told to find billions to plug capital shortfalls

The worlds oldest bank, Monte dei Paschi di Siena, is racing to find 2.1bn (£1.65bn) after a health check of Europes lenders found it had the biggest capital shortfall of any institution.

The bank was one of nine Italian banks deemed to have failed the stress tests carried out by the European Banking Authority, which published its findings on Sunday and concluded 24 banks out of 123 it had tested across the European Union needed more capital.

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