Instead there will be a slightly messier process, in which there is central determination - by the EBA, in collaboration with national regulators - of how much individual banks need, and then individual countries will decide how the money can and should be injected into their respective banks.

BBC: Will euro banks be saved before meltdown?

It said it would have passed the test if regulators counted a debt-equity hybrid, called "silent participation", as a capital reserve, but the EBA, having initially said it would accept this, then changed its mind.

BBC: Eight banks fail EU stress test with 16 in danger zone