Major European Union banks face a collective shortfall of €135bn (US$153bn) to meet global capital requirements by 2027, meaning they may need to use profits and slash dividends to strengthen their capital, the European Banking Authority said. The EBA is finalising further recommendations for the EU on meeting requirements for the Basel Ⅲ accord - now referred to by the banking industry as Basel IV - two decades after the global financial crisis forced taxpayers to bail out many EU banks.
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