Big banks will face almost no increase to their core capital requirements after the City regulator again watered down new lending rules aimed at making lenders safer following the 2007-9 financial crisis.
The Bank of England’s Prudential Regulation Authority unveiled a fresh series of concessions on Thursday on its plan to implement international standards known as Basel 3, which have been years in the making.
It said that these changes meant that the Tier 1 capital requirements for major lenders would be “virtually unchanged” by its proposals and would increase in aggregate by less than 1 per cent when the rules fully come into force in 2030. This is down from 3 per cent when it last updated on its plans in December and an