Palma.—Regional President Jose Ramon Bauza said yesterday that after all three Balearic-based banks passed stress tests imposed by the European Union last week - - with Banca March having proved itself to be in the “Core Tier” so far as its capital compared to 90 other EU banks was concerned - he was confident of doing business.

“Because Balearic banks have such a high credit rating,” explained Bauza, “we feel they are the best placed to help the Balearic government stabilise its finances.” Asked if he knew just what the true state of the regional finances were, Bauza said that he won't comment until exhaustive auditing reports are complete which are taking place at the moment.

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