ECB cuts top banks’ required capital by over €350bn

Top lenders in the eurozone have been given the green light by the European Central Bank to release capital buffers in a bid to fight the economic fallout from the spread of the novel coronavirus. 

The central bank said 117 directly supervised firms, known as significant institutions (SIs), would be permitted to “operate temporarily below the level of capital defined by the Pillar 2 Guidance (P2G), the capital conservation buffer (CCB) and the liquidity coverage ratio (LCR)”. The regulator also

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