BASEL, Switzerland (Reuters) - Banks will have to triple to 7 percent the amount of top quality capital they must hold to withstand future shocks, global regulators and central bankers agreed on Sunday.
Banks will have to hold a core Tier 1 ratio of top quality capital -- retained earnings or shares -- of 4.5 percent, compared with 2 percent at present, a statement from the group chaired by European Central Bank president Jean-Claude Trichet said.
Total Tier 1 was set at 6 percent, compared with 4 percent at present.
Banks will also have to build a new, separate 2.5 percent "capital conservation" buffer on top of their Tier 1 holdings, the statement said. It will be formed of common equity.
A separate "countercyclical buffer" of 0-2.5 percent will also be required when excessive credit conditions emerge.
Implementation of the new Tier 1 rules will start in January 2013 and be fully implemented by January 2015, with the capital conservation buffer phased in from January 2016 to January 2019.
(Writing by Huw Jones; Editing by Hugh Lawson)
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