European Union rules designed to make the financial system safer would require banks operating in Europe to raise an estimated €460bn ($654bn) in capital by 2019 or reduce their risk and balance sheets substantially.
Draft proposals unveiled on Wednesday, which still need approval from the 27 member states and the European parliament, make the EU the first jurisdiction to start implementing the global Basel III capital and liquidity guidelines that were adopted last year.
That accord forces banks to hold more top-quality capital against potential losses and keep enough easy-to-sell assets on hand to withstand a market crisis. The Brussels version, which applies to more than 8,200 banks and investment firms, would fine banks that fall short.
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