PRA accepts Nationwide extension to meet capital rules

The PRA accepted that Nationwide should fulfill its capital requirements by the end of 2015, as opposed to the end of this year. The regulator asked banks to sort out their capital shortfalls in June after it identified a £27bn capital hole among eight major UK banks, with Nationwide falling £400,000 short. It had adjusted capital requirements for banks following a meeting of the Financial Policy Committee in March which determined they should hold capital equivalent to at least 7% of their risk weighted assets, using the Basel III definition. Nationwide's capital plan is based on ...