News Artcle

BOE: U.K. banks are short £27.1 billion

Published June 20, 2013

LONDON (MarketWatch) -- The Bank of England said Thursday that the U.K.'s top banks had a capital shortfall of £27.1 billion ($41.96 billion) at the end of 2012. The Prudential Regulation Authority, which supervises banks, looked at eight institutions and found five need to step up their restructuring and selloff of assets to reach the 7% core capital buffer it requires. The five banks need to find another £13.4 billion to add to existing plans to raise £13.7 billion. Lloyds Banking Group [S: UK:LLOY] has the biggest gap and must find £7 billion, while Royal Bank of Scotland Group [S: UK:RBS] is looking at £3.2 billion, and Barclays PLC [S: UK:BARC], £1.7 billion. Nationwide's existing capital plans are sufficient, the PRA said, while HSBC Holdings PLC , Banco Santander SA [S: es:san] and Standard Chartered PLC [S: uk:stan] do not have a shortfall.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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