LONDON, Sept 26 Reuters European Union banks already largely meet tougher global capital rules to bolster defences against economic crises and now only need to find another 600 million euros 635.8 million ahead of a 2028 deadline, the bloc39;s banking watchdog said on Tuesday.

The global Basel Committee agreed additional capital rules in 2017 that require banks to hold bigger reserves to shield them from potential shocks. These marked the last leg of the Basel Committee39;s revamp of core mandatory capital buffers after banks were bailed out during the 2008 global financial crisis.

The EU, along with Britain and the United States, is now putting the final Basel requirements into its rule books.

The European Banking Authority EBA on Tuesday published the results of its monitoring exercise of 157 banks across the EU at the end of 2022, which looked at how they were implementing Basel rules.

The main finding is that to comply with the new framework, EU banks would need a total of 0.6 billion euro of additional Tier 1 capital at the full implementation data in 2028, EBA said.

Overall, the results of the mandatory Basel III capital monitoring exercise show that European banks39; minimum Tier 1 capital requirement would increase by 9.0 at the full implementation date in 2028.

Basel has a 2028 deadline for implementing its remaining rules, which are set to be rolled out in the EU from January 2025. But EU policymakers have proposed longer phaseins for some of them, and…