Key Points
LONDON, Sept 26 (Reuters) - European Union banks already largely meet tougher global capital rules to bolster defences against economic crises and now only need to find another 600 million euros ($635.8 million) ahead of a 2028 deadline, the bloc's banking watchdog said on Tuesday...
The global Basel Committee agreed additional capital rules in 2017 that require banks to hold bigger reserves to shield them from potential shocks..
"The main finding is that to comply with the new framework, EU banks would need a total of 0.6 billion euro of additional Tier 1 capital at the full implementation data in 2028," EBA said.. "Overall, the results of the mandatory Basel III capital monitoring exercise show that European banks' minimum Tier 1 capital requirement would increase by 9.0% at the full implementation date in 2028."..
The United States has proposed beginning its "Basel Endgame" six months later and completing it in 2028, though regulators are facing a heavy backlash from banks which say capital burdens will rise significantly...
Separately on Tuesday, the Basel Committee said global shortfalls among banks for meeting full implementation of its core capital rules was around 3 billion euros at the end of December 2022, down from about 7.8 billion euros six months earlier...
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