Receive Breaking News updates as they occur
The Bank of England is revamping how it requires banks to hold capital above the mandatory minimum requirements in order to be more transparent and better tailored to the risks covered. The BoE's Prudential Regulation Authority, which supervises banks, said in a statement it was creating a new "PRA buffer" that will be held by banks to absorb losses that may arise under a severe, but plausible stress. Where the PRA assesses a firm's risk management and governance to be significantly weak it may also set the PRA buffer to cover the risk posed by those weaknesses until they are addressed.
By Estelle Shirbon and Dominique Vidalon LONDON/PARIS (Reuters) - A migrant died trying to cross to Britain from France early on Wednesday, French police said, adding to a number of recent deaths in the Channel Tunnel as British ministers and security chiefs were to meet over the crisis in Calais. Freight and passenger traffic through the rail tunnel has been severely disrupted in recent weeks as large numbers of migrants camped out in the Calais area have tried to board lorries and trains travelling from France to Britain. The situation has turned into a blame game with Eurotunnel asking French and British governments to reimburse it for close to 10 million euros ($11 million) it spent to beef up security to cope with the migrant crisis at Calais.