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Banks Must Retain $269 Billion Capital Raised in 2012, EBA Says

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July 22 (Bloomberg) -- European Union banks must hold on to the 204 billion euros ($269 billion) of capital they raised last year, the European Banking Authority said today.

The capital should be used to prepare for the implementation of Basel III standards in 2014, the EBA said. “Preserving capital in European banks is essential for maintaining the flow of lending to the real economy,” Andrea Enria, chairman of the EBA, said in an e-mailed statement.

To contact the reporters on this story: Ben Moshinsky in London at bmoshinsky@bloomberg.net;

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

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