13 European Banks Don't Have Enough Money To Survive A Financial Crisis

The European Central Bank said on Sunday that 25 eurozone banks showed a capital shortfall, after a year-long review of finances for 130 of the largest banks in the euro area.

The assessment goes through Dec. 31, 2013. Since then, 12 of the 25 banks have already covered their capital shortfall, which totals €25 billion, the ECB said. That means 13 banks still do not have enough money to whether a financial crisis.

"Banks with shortfalls must prepare capital plans within two weeks of the announcement of the results," The ECB said. "The banks will have up to nine months to cover the capital shortfall."

"This unprecedented in-depth review of the largest banks' positions will boost public confidence in the banking sector," The ECB said in a statement. "By identifying problems and risks, it will help repair balance sheets and make the banks more resilient and robust. This should facilitate more lending in Europe, which will help economic growth."