Thursday, September 27 12:30:28
Europe's top banks would have needed to find E199 billion of extra capital if tougher rules had been in place at the end of last year, more than half of the estimated global shortfall, the continent's regulator said today.
The estimate for Europe's top banks was 32 billion euros lower than a similar assessment six months earlier, but still showed Europe's banks represented 53 percent of a global shortfall estimate released last week, so need to take action or hold back earnings to bolster balance sheets.
The European Banking Authority said if the new rules, known as Basel III, had been in force at the end of December, the biggest banks would have needed 199 billion euros to hold core capital of 7 percent of assets, the target level for banks to meet when new rules come in. (C ) Reuters