Official warns banks of need to raise even more capital

09/15/2008 | Financial Times (free content)

Mario Draghi, head of the Financial Stability Forum and governor of the Bank of Italy, said the world's banks raised $350 billion during the past 13 months and that they would need to raise that much again. "Various banks, within a sector that is basically well capitalised overall, will be in difficulty," Draghi said. "The conclusion is that there will be a series of consolidations in the world banking system. We have seen some already, but we are a long way from seeing the end of this."

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