World Economy

EU Banks Raise More Capital

EU Banks Raise More CapitalEU Banks Raise More Capital

Eurozone banks have raised 35% more capital ahead of the European Central Bank’s (ECB) latest stress test than they had set aside before the 2011 review, according to a report published by law firm Linklaters. The eurozone’s 130 most important banks are set to find out on Oct. 26 how they have fared in the ECB’s landmark review, which is designed to banish lingering doubts about whether lenders value assets properly and are strong enough to withstand another recession, Reuters reported. Linklaters said the euro zone banks have raised 35b euros ahead of the review, a figure that could rise to nearly 50b euros ($63.2b) by the end of the year.