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Spain's Santander reaches capital buffer target

Spain's Santander reaches capital buffer target

Spain's Banco Santander says it has raised its capital buffers to a new European target well ahead of the June 30 deadline.
The eurozone's largest bank said Monday it lifted its core capital ratio to the target of 9 percent and still aims to increase it to 10 percent in June.
The European Banking Authority's raised the required core tier 1 capital ratio _ a measure of a bank's good capital compared with its risky investments _ from 5 percent to 9 percent last month to ensure banks could withstand market turmoil.
The EBA said Europe's main banks need to raise an extra (EURO)115 billion ($147 billion) to meet the ratio.
Santander was estimated to have needed an additional (EURO)15.3 billion.