European banks have already received 420 billion euros in funds to help recapitalize and are in a much better shape than three years ago, the European Commission said on Friday.

The recapitalization of European banks is something that is ongoing, it is something that is already happening, Commission spokesman Olivier Bailly told a regular briefing.

It has been going on since 2008, it is worthwhile recalling that. The amount for recapitalization of European banks is 420 billion (euros), he said.

Eight banks failed this summer's pan-EU banking stress tests and another 16 were considered as fragile. Investors are concerned about European banks' ability to handle a possible Greek default and the likely wider contagion.

Bailly said it was for each bank to come forward with a plan if it needed to increase its capital, and for member states to assess those and decide whether markets or governments needed to help in recapitalizing.

There is no big European plan to recapitalize banks in Europe, he told the briefing.

(Reporting by Robin Emmott, Luke Baker, editing by Rex Merrifield)