EU market regulation commissioner Michel Barnier said the requirement, applicable to over 8,300 EU banks, will force them to 'find some 460 billion euros (654 billion dollars) of additional capital.'
This compares with the 2.5-billion-euro shortfall in the capital of eight institutions revealed by European bank stress tests on Friday.
The 7-per-cent figure is made up of so-called common equity tier 1 capital, worth 4.5 per cent, and a 2.5-per-cent buffer to be set aside as a reserve against crisis-times.
