European Banks Have Until June to Raise Capital

Reuters

European banks have until June next year to raise their capital buffers to a 9 percent core ratio target in a deal agreed by all 27 members of the European Union on Wednesday, Poland's Prime Minister Donald Tusk said.

"The banks that participated in the stress tests will create an additional capital buffer at such a level so that their capital, after taking into account some adjustments ... should not be lower than 9 percent," Tusk said, referring to EU bank tests this summer.

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"This buffer should be attained by June of next year," he said after a meeting of all 27 EU leaders in Brussels.

(Reporting By Robin Emmott and David Brunnstrom)