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King says banks must raise their capital levels

   Governor of the Bank of England Sir Mervyn King

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   Sir Meryn King: "Creditors must acknowledge further likely losses"
   Continue reading the main story

UK Economy

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   "Only then will it be possible to return to a more normal provision of
   vital banking services so crucial to an economic recovery".
   'Encouraging signs'

   Speaking at an event in Cardiff, Sir Mervyn said the government and
   Bank of England's latest effort to boost bank lending - the Funding for
   Lending scheme - must be used as a "window of opportunity" to "restore
   the capital position of the UK banking system".

   Yet he said the initiative could only be "temporary".
   Continue reading the main story

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