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Originally published Wednesday, March 27, 2013 at 3:00 AM

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BoE tells banks to raise another $38 billion

A Bank of England committee is recommending that banks increase their capital by 25 billion pounds ($37.9 billion) to ensure they can cover potential losses and shore up Britain's financial system.

The Associated Press

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LONDON —

A Bank of England committee is recommending that banks increase their capital by 25 billion pounds ($37.9 billion) to ensure they can cover potential losses and shore up Britain's financial system.

The Financial Policy Committee says some banks already have adequate capital and those that don't should take steps to ensure their capital is equal to at least 7 percent of their risk-weighted assets by the end of this year.

The committee was set up to regulate the health of the banks following the 2008 financial crisis. It did not name any banks, or single out the ones that need to increase their capital.

The committee also recommended applying higher capital requirements to any major UK bank or building society with exposure to particularly weak investments.

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