Gothenburg, Sweden  - The results of a "stress test" on 22 European banks points to possible credit losses totalling 400 billion euros (584 billion dollars) in 2009 and 2010 under a worst-case scenario, a source familiar with the issue said Thursday.

The results of the test, carried out by the Committee of European Banking Supervisors (CEBS), were presented to European Union finance ministers meeting in Gothenburg, Sweden.

The 400-billion-euro figure assumes a "worse-than-expected" drop in EU gross domestic product next year of 2.7 per cent.

According to the European Commission, GDP in the EU is expected to drop by 4 per cent this year, ahead of a possible recovery in 2010.

The CEBS sample represents about 60 per cent of European banks.

The source in Gothenburg said the figure had been described as "comforting" by EU ministers.

Further European stress tests are expected to be carried out in the spring of 2010.  dpa