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It just never stops...Regulators Find British Banks Must Raise $38 Billion
Gee..I wonder where they will get the money????
British banks must raise a combined £25 billion, or $38 billion, in new capital by the end of the year to protect against future financial shocks, according to a report from local authorities on Wednesday.
The Bank of England, which takes over the direct supervision of British firms like HSBC and Barclays next week, said the new reserves were needed to protect against losses connected to risky loan portfolios, future regulatory fines and the readjustment of banks’ bloated balance sheets.
Snip....
The reported released on Wednesday said that local banks had overstated their capital reserves by a combined £50 billion, which authorities said would now be adjusted on the firm’s balance sheets. Many of the country’s banks already have enough money to handle the accounting adjustment, the report said on Wednesday.
http://dealbook.nytimes.com/2013/03/27/regulators-find-british-banks-must-raise-38-billion/
The Bank of England, which takes over the direct supervision of British firms like HSBC and Barclays next week, said the new reserves were needed to protect against losses connected to risky loan portfolios, future regulatory fines and the readjustment of banks’ bloated balance sheets.
Snip....
The reported released on Wednesday said that local banks had overstated their capital reserves by a combined £50 billion, which authorities said would now be adjusted on the firm’s balance sheets. Many of the country’s banks already have enough money to handle the accounting adjustment, the report said on Wednesday.
http://dealbook.nytimes.com/2013/03/27/regulators-find-british-banks-must-raise-38-billion/
"overstated"..a nice word for lying.
so is "account adjustment"
What they really mean is, new rules say banks have to have enough cash to back their gambling costs.
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