Tuesday August 11, 2020

Banks to get June 2012 deadline for reserves

A draft statement reported by Bloomberg says European banks will have until June 2012 to meet new capital reserve requirements

26th October, 2011

The European Union will set a June 30 2012 deadline for banks to meet new capital reserve requirements, according to a draft statement prepared for today's summit.

Bloomberg News said banks would have to show they had core capital of nine per cent of their assets after writing down their sovereign debt by that date.

Measures for restoring confidence in the banks were "urgently needed", the document said.

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