FPC explains capital requirement switch


The record of the Interim Financial Policy Committee (FPC) meeting released on Monday reveals more of the decision behind the group's change of heart over asking banks to add to capital buffers.

In June, the FPC advised UK banks to take the "opportunity of periods of strong earnings to build capital, given the scale of risks to the economic and financial environment".

Last Wednesday, it released a statement after its September 20 meeting, in which it again recommended banks should take "any

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