15th Oct 2015 07:08
LONDON (Alliance News) - Britain's five biggest lenders will be told on Thursday that they need to find billions of pounds of additional capital as part of industry reforms designed to shield taxpayers in a future industry crisis, Sky News reported on Wednesday.
The Bank of England is to deliver the news in the form of a consultation paper to be published on the implementation of the new ring-fencing framework that will be introduced in 2019.
Barclays PLC, HSBC Holdings PLC, Lloyds Banking Group PLC, Royal Bank of Scotland Group PLC and Santander UK are the affected banks.
The ring-fencing rules are intended to safeguard taxpayers by separating investment banking operations from retail operations.
http://news.sky.com/story/1569627/banks-face-ring-fencing-capital-bombshell
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
BarclaysLloydsHSBC HoldingsRBS.L