Poland’s Finance Minister says big European banks will be required to raise their capital cushions to nine percent of their risky investments by June.
That’s in line with international banking guidelines that come into effect in 2019.
Polish Finance Minister Jan Vincent-Rostowski announced the new rules after a meeting Wednesday of the leaders of the 27 countries that make up the European Union.
European banks need to shore up their finances because they have significant exposure to debt by governments with shaky finances.
On Greece’s debt, for instance, they could soon be asked to take substantial losses, as leaders try to find a way to dig Europe out of its debt crisis by lightening Greece’s debt load.
