Head banker bangs heads

Big five need £35bn disaster funds

SIR Mervyn King ripped into Britain’s banks yesterday — claiming they need to raise £35billion to get back in the black.

Blast | Sir Mervyn King. (Image | The Telegraph)

The BANK OF ENGLAND Governor said they were woefully underestimating potential losses from Europe.

And he warned they faced billions more pounds of potential fines and penalties from PPI and Libor. In all, banks may need to raise another £35billion to shore up their balance sheets — and guard against disaster.