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Major UK banks must raise a total of £25bn in extra capital by the end of 2013 to guard against potential losses, the Bank of England (BoE) has said.

 

 

In a statement, the BoE's Financial Policy Committee (FPC) said only some banks need to raise the cash, but did not name them. It said banks could face losses of about £50bn over the next three years, relating to bad loans and fines. The order is the first from the FPC, the new financial stability regulator. It said UK banks and building societies could lose billions of pounds over the next three years relating to "high-risk" loans in the UK commercial property sector and vulnerable eurozone economies. They may also lose money through fines, and require extra capital to support a "more prudent approach to risk".

 

Some banks already have enough capital to cover these costs, the FPC said, but others are short. Yet more money may need to be raised after the end of 2013, the FPC warned, so that banks conform to incoming "Basel III" accords on banking regulation.

 

More: http://www.bbc.co.uk/news/business-21948429


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