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BoE will tell banks to raise tens of billions in extra capital

Banks are expected to be told they need to raise tens of billions in extra capital in a report by the Bank of England’s financial policy committee published later today, according to a BBC report.

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Last November the Bank of England suggested as much as £60bn more capital may be required to guard against future losses.

The capital-raising could delay the return of taxpayer-owned banks, the Royal Bank of Scotland and Lloyds Banking Group, to the private sector.

It could also hit business lending and mortgages as banks are forced to put more cash and safe assets aside as a buffer.

Earlier this month the European Union passed CRDIV to impose Basel III capital rules on member states.

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