The British banking sector needs to formulate plans to raise a combined £13.4B in order to meet...

|By:, SA News Editor

The British banking sector needs to formulate plans to raise a combined £13.4B in order to meet Basel III capital requirements, the Bank of England's Prudential Regulation Authority said today. Banks had a total shortfall of £27.1B at the end of 2012 and have already drawn up programs to raise £13.7B, although some of the proposals need regulatory approval. RBS's (RBS) shortfall was £13.6B, Lloyds' (LYG) was £8.6B and Barclays (BCS) was £3B. However, the U.K. units of Banco Santander (SAN), HSBC (HBC) and Standard Chartered (SCBFF.PK) were in surplus. (PR)