“Smart Trade Group” – UK Government Withholds Stress Test Results…

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New York, USA, 18-6-2009- ‘Smart Trade Group’: The results of stress tests on UK banks are being covered up.

“Smart Trade Group”, the Asian-based investment broker, is reported to be stunned after news emerged that the UK Treasury has refused to publicize the results of stress tests carried out on Britain’s banks.

The startling refusal has raised fears that UK banks are in a far worse condition than previously thought. The official reason given for the refusal is that the publication of the information may increase instability and force the government to take additional action to strengthen Britain’s already fragile banking system.

A source close to “Smart Trade Group” said that the firm believes that non-disclosure of the evidence undermines the government’s claim to be striving for transparency in the financial markets. She added that the increased uncertainty could prompt a fresh round of volatility in the share values of Britain’s banks and further pressure on sterling in the foreign exchange markets if further money has to be allocated to rescue the banking system.

“Smart Trade Group” pointed out that Barclays had published its own results voluntarily and that other UK banks, by choosing not to follow their example, had left the door open to intense speculation in their stock.