February 3, 2023

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Banks face a 6% capital increase under the remaining Basel rules, Reuters says Bank of England

©Reuters. FILE PHOTO: A general view shows the Bank of England in the City of London financial district in London, Britain November 5, 2020. REUTERS/John Sibley/File Photo

LONDON (Reuters) – The application of the remaining global capital rules for banks in the UK will increase capital requirements by about 6% by the end of the decade, the Bank of England said on Wednesday.

“All things considered, the impact will be limited until the mid to late 2020s and we believe that by 2030 and the full phase, Basel 3.1 will increase capital requirements for UK companies by a small amount on average. And we’re giving companies plenty of time to adjust,” BoE Director Phil Evans said at a UK finance event.