The results of Europe's most comprehensive review of banks' health will be released on October 26, the European Central Bank and the European Banking Authority said today.
The test results will give the clearest picture yet of the state of the European banking sector.
The ECB hopes the tests will banish fears about the health of European banks, which were hit hard during the financial crisis, and restore investor trust and revive lending to euro zone households and companies.
This is key to getting economic recovery back on track.
While the ECB is putting the euro zone's 130 largest banks through a backward-looking asset quality review and forward-looking stress test, the EBA will also run stress tests on banks in Britain and some other non-euro countries.
UK banks face an additional test to their resilience to withstand a sharp drop in housing prices and the Bank of England said the result of this will be published on December 16.
The ECB has said lenders will have six months to cover any capital shortfalls reported in its asset quality review or the baseline stress test scenario, and nine months to cover any capital shortfalls from the adverse stress test scenario.
"Following the publication of the results, banks will, where necessary, have two weeks to submit capital plans to the ECB, detailing how shortfalls will be covered," the ECB said today.
It has imposed the rigorous tests to wipe the slate clean before it takes over as the bloc's banking supervisor in November - part of a broader push for European integration to avert future crises.
The stress tests aim to gauge how banks would hold up under certain shock scenarios, while an asset quality review, which only the euro zone banks have to go through, looks at how certain assets are valued and whether lenders have set aside sufficient capital.
Speaking at the IMF in Washington today, ECB President Mario Draghi said that some banks will have to raise more capital as a result of the stress tests.
He said the comprehensive sssessment had led a number of European banks to take measures to strengthen their capital base "and for some of them further efforts will be needed, once the results of the comprehensive assessment are known".
Mr Draghi said the comprehensive assessment covered almost 85% of the total balance sheet of euro area banks, and involved more than 6,000 supervisors and auditors in the execution of the Asset uality Review.
"The ultimate aim of the exercise is to enable euro area banks to strengthen their capital base and thereby substantially increase their credit provision capabilities," Mr Draghi said today.
"Together with the policy measures taken by the ECB since June 2014 to further enhance the transmission of our monetary policy and support the provision of credit to the real economy, this should lead to a rebound in investment demand and growth," he said.
"To make it sustainable, economic policy makers in the euro area will need to do their part to create an environment conducive to sustainable growth," he added.
Irish banks being tested include Bank of Ireland, AIB and Permanent TSB. Analysts say, however, that they do not envisage a significant capital requirement for the banks here.
The composition of banks under review has slightly changed since the ECB's comprehensive assessment started about a year ago.
The latest changes mean that Portugal's Novo Banco, created from the bailout of Banco Espirito Santo will not be part of the assessment, the ECB said today, citing timing issues.
The EBA also said that the stress test on Novo Banco had been postponed.
The results for German mortgage bank Wüstenrot & Württembergische will be posted separately from the two banking entities of the group, Wüstenrot Bank Pfandbriefbank and Wüstenrot Bausparkasse.
And, after the acquisition of Spain's Banco Ceiss by Unicaja, the stress test is being conducted on the merged bank.
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