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Banks need to bolster core capital
Source: Agencies |
September 21, 2012, Friday
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Print Edition
THE world's biggest banks would have needed to find 374 billion euros (US$488 billion) if tough new capital rules to be phased in from January had been in place last year.
The finding, from the Basel Committee of global regulators, shows banks need to substantially lift their balance sheets.
The committee said yesterday that if the new rules, known as Basel III, had been in force at the end of December, the biggest banks would have needed 374 billion euros to hold core capital of 7 percent of assets, the target level for banks to meet when new rules come in.
The committee had estimated in April the top banks would have needed 486 billion euros if the rules had been in place at the end of June 2011.
The 102 biggest banks had an average capital ratio of 7.7 percent based on the new rules. But the capital of some of the big banks would have fallen below 4.5 percent, while many would have been under the 7 percent.
The finding, from the Basel Committee of global regulators, shows banks need to substantially lift their balance sheets.
The committee said yesterday that if the new rules, known as Basel III, had been in force at the end of December, the biggest banks would have needed 374 billion euros to hold core capital of 7 percent of assets, the target level for banks to meet when new rules come in.
The committee had estimated in April the top banks would have needed 486 billion euros if the rules had been in place at the end of June 2011.
The 102 biggest banks had an average capital ratio of 7.7 percent based on the new rules. But the capital of some of the big banks would have fallen below 4.5 percent, while many would have been under the 7 percent.
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