RBS must raise £2billion after failing a stress test
RBS – over 70 per cent of which is owned by the taxpayer – emerged as the weakest performer of the seven biggest banks tested for their ability to withstand “very severe” shocks to the economy.
The Bank of England used a doomsday scenario of a 30 per cent fall in house prices and a 4.5 percentage point rise in unemployment.
It also included a separate misconduct-cost stress. Barclays and Standard Chartered also struggled in the toughest test yet modelled by the Bank but were judged to have sufficient capital-raising plans in place.
HSBC, Lloyds Banking Group, Santander and building society... read more
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