Brussels, 08/12/2011 (Agence Europe) - On Thursday 8 December, the European Banking Authority (EBA) increased its estimates of the recapitalisation requirements of European banks in order for them to meet the Core Tier 1 (Capital Ratio) funding requirements of 9% by the summer of next year.
The EBA says European banks will need an extra €114.685 billion in total, up €8 billion on its estimates published in October 2011 (€106 billion).
The increases are for German banks (€13.107bn) and Italian banks (€15.366bn). The cash estimates have been lowered for French banks (to €7.324bn) and remain unchanged for Spain (€26.170bn).
./..The figures for the other countries are as follows: Austria €3.923bn, Belgium €6.313bn, Cyprus €3.531bn, Greece €30bn, the Netherlands €159 million, Portugal €6,950bn, Slovenia €320 million and Norway (not a member of the EU) €1.520bn.
The banks have until 20 January 2012 to submit their recapitalisation plans for meeting the new 9% Core Tier 1 capital requirement by the end of June 2012. (OL/transl.fl)