Lenders must plug £27bn hole
Five of Britain's biggest lenders must plug a combined £27.1 billion hole in their finances, with Barclays, Lloyds Banking Group and Royal Bank of Scotland accounting for more than 90% of the shortfall, the City regulator has revealed.
The Prudential Regulation Authority (PRA) said Barclays needs to boost its balance sheet by £3 billion, while state-backed players RBS and Lloyds must raise £13.6 billion and £8.6 billion respectively.
Nationwide building society is facing a £400 million shortfall, while The Co-operative must stump up £1.5 billion as already announced.
HSBC, Standard Chartered and Santander UK do not need to bolster their capital cushions, the PRA said.
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The PRA said the banks already had plans in place to raise £13.7 billion of the extra capital required and will stump up the remainder by the end of 2013 and early 2014.