Lloyds and RBS need billions more capital, BoE says

UK regulators have given Royal Bank of Scotland and Lloyds Banking Group until March to begin dealing with a black hole that Brooks Newmark, a Tory member of the Treasury Select Committee, suggested could be as large as £30bn. Bank officials refused to quantify the capital shortfall in evidence to the TSC yesterday, but they confirmed it was substantial, the Telegraph reports. Michael Cohrs, a member of the Bank's Financial Policy Committee, said it was "a big number" while Andy Haldane, the Bank's executive director for financial stability, agreed it was "material". The warning ca...