Bank of England forces banks to hold extra £6bn Brexit buffer
First stress tests where no bank has had to add to capital position
Bank of England
The Bank of England has raised the UK countercyclical capital buffer rate from 0.5% to 1%, establishing a system-wide total buffer of £11.4bn to protect against the potential risks arising from possible Brexit outcomes.
According to its latest Financial Stability Report, the BoE said a combination of a "disorderly" Brexit, severe global recession and stressed misconduct costs could result in "more severe conditions" than...
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