RBS revises capital plan after failing BoE stress test
Royal Bank of Scotland (RBS) didn’t pass the Bank of England’s (BoE) stress test released on Wednesday. After failing to meet several requirements, the lender subsequently announced its revised capital plan, which has been approved by the Prudential Regulation Authority (PRA), in order to deal with the issues identified in the BoE report.
“We have taken further important steps in 2016 to enhance our capital strength, but we recognise that we have more to do to restore the bank's stress resilience including resolving outstanding legacy issues," Ewen Stevenson, the bank’s CFO stated.
Other banks which failed to meet all the BoE stress test requirements were Standard Chartered and Barclays, while HSBC, Lloyds Banking Group, Nationwide Building Society and Santander UK passed all the hurdles.