French banks' capital needs down to 7.3 bn euros: regulator

8th December 2011, Comments 0 comments

French banks need an additional 7.3 billion euros (9.7 billion dollars) in capital to withstand future financial shocks, down from 8.84 billion euros, the Bank of France said Thursday.

The European Banking Authority estimated that the BPCE group needs 3.7 billion euros (up from 3.4 billion), Societe Generale 2.1 billion (3.3 billion), BNP Paribas 1.5 billion euros, (2.1 billion), a statement said.

Credit Agricole requires no new capital, the Bank of France quoted the European Union's London-based regulator as assessing.

BPCE, which groups the Caisse d'Epargne and Banque Populaire retail banks, said that it would be able to meet the new core capital ratio of 9.0 percent of assets by the end of June 2012 as required.

The results of EBA banking stress tests came on the first day of a crucial EU summit that is aimed at resolving the eurozone debt crisis.

© 2011 AFP

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