British banks will have to raise between £20bn-£50bn of new capital or dramatically restructure their businesses after the Bank of England made it clear it did not trust the way they value their books.
The BoE’s new Financial Policy Committee yesterday said banks must report capital ratios which reflect a “proper valuation” of their assets and a “realistic assessment” of the cost of recent scandals, such as the manipulation of Libor and mis-selling of insurance products.
The demand comes shortly after the International Monetary Fund called on European lenders to shore up balance sheets and adds to growing concerns that risk-weighted capital ratios are exaggerating the health of the global banking system.
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