The European Banking Authority, the European Union's London-based financial sector regulator, has carried out assessments of 91 institutions "to assess the resilience of European banks to severe shocks".
The "stress tests" are intended to restore confidence in the continent's banking system, which has been shaken by many banks' holdings of government debt from the likes of Portugal and Ireland.
But what will they tell us, and how significant are they likely to be?
This is the second time these tests have been performed. They look at how banks would cope under scenarios - such as a 15% fall in the stock market or a 0.5% fall in European GDP this year.
Last year, seven banks out of the 91 under scrutiny failed.
But within months, Ireland was forced to ask for a bailout to rescue its banks – despite its two largest institutions having passed the tests. That led to cries that the tests had been a "fudge" and were short on credibility.
Given recent events, market players were critical that the tests didn’t deal with the possibility of sovereign default – the elephant in the room which eurozone authorities have been unwilling to discuss in public.
With investors complaints ringing in their ears, the EBA - the body behind the tests - asked banks to re-submit numbers to reflect the probability and severity of defaults as assessed by ratings agencies.
There will also be more information on the specific sovereign exposures of the lenders that have been reviewed.
Critics say, however, the tests don't go far enough in taking account the full possible impact and fallout of a country such as Greece defaulting – or government contingency plans for such an event.
As well as different criteria, it is likely that more banks will fail the tests than last year - some say up to 15 – although Britain's institutions are likely to be safe.
Rumours suggest some Austrian and Spanish banks and perhaps Italian ones may be at risk.
Shares in Italy's biggest, Unicredit, were temporarily suspended amid fears it might need to raise more capital.
Those banks that do fail will have to draw up plans to raise more capital, and do so within six months. If they can't, governments are meant to step in to help.
So will tests reassure the markets? Certainly they couldn't come at a more sensitive time given the escalating crisis in the likes of Greece – and the possibility of serious problems in Italy, and the impact on bond markets.
The market is taking it as a given that the major banks will pass – so a rally in their shares is unlikely. But those who fail will probably feel the wrath of investors, making it harder to raise capital.
And in this environment, the concerns that these tests are less than comprehensive and realistic, could mean they actually backfire by turning the spotlight up even higher on the problems in the financial system and risk damaging, not boosting, confidence.
The whole viability of the eurozone could be under more scrutiny than ever before.
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