Turner Wants U.K. Banks to Face More Capital Requirements, Les Echos Says

Adair Turner, the chairman of the U.K. Financial Services Authority, said big banks should face higher capital requirements than smaller lenders, since the risks in the event of bankruptcy are greater, Les Echos reported, citing an interview.

Turner told the newspaper that, when big lenders fail, they need an alternative to traditional bankruptcy procedures, to minimize damage to the economy.

It’s “very improbable” that banks such as Barclays Plc, HSBC Holdings Plc or Standard Chartered Plc would leave the U.K. because of stricter rules, and a financial transactions tax is something that can be debated, Les Echos cited Turner as saying.

To contact the reporter on this story: Heather Smith in Paris at hsmith26@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.

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