{"id":12436,"date":"2026-03-17T19:19:58","date_gmt":"2026-03-17T18:19:58","guid":{"rendered":"https:\/\/www.rivistaeco.com\/?p=12436"},"modified":"2026-03-17T19:19:58","modified_gmt":"2026-03-17T18:19:58","slug":"the-risks-of-lowering-banks-capital-requirements","status":"publish","type":"post","link":"https:\/\/www.rivistaeco.com\/en\/2026\/03\/17\/the-risks-of-lowering-banks-capital-requirements\/","title":{"rendered":"The Risks of Lowering Banks\u2019 Capital Requirements"},"content":{"rendered":"

Over the past year, pressure has resurfaced to ease banks\u2019 capital requirements. Capital serves as a safeguard of banks\u2019 ability to repay creditors. The United States and the United Kingdom now argue that loosening these constraints could support lending and economic growth. The European Union has taken a different path, focusing on simplification without reducing capitalization levels. At the core of the debate lies the idea that more capital automatically means less lending and higher costs for households and firms\u2014a belief that economic theory and empirical evidence suggest is far less straightforward than it appears. In fact, better-capitalized banks tend to withstand downturns more effectively and support the economy in times of stress. The memory of recent crises and their social costs calls for caution: the short-term benefits of deregulation may translate into future fragility. <\/em><\/p>\n

 <\/p>\n

How much capital should banks hold, and at what cost to the real economy? This is far from a simple question, and it has returned to the center of debate over the past year. Minimum capital requirements are one of the pillars of the regulatory framework imposed on banks, designed both as a buffer against the risks they take and as a guarantee of their ability to repay creditors, starting with depositors.<\/p>\n

In 2025, however, the United States and the United Kingdom began\u2014albeit with different approaches and timelines\u2014a process of easing these constraints. The European Union, by contrast, has adopted a different strategy, which can be summarized in a simple formula: simplify without deregulating.<\/p>\n

This divergence reflects institutional and political differences, but above all a different assessment of the costs and benefits of deregulation. These effects are difficult to measure, highly dependent on the macro-financial environment, and tend to materialize at different times for banks and for society as a whole. It is often assumed that higher capital requirements inevitably lead to higher funding costs and, consequently, more expensive credit for firms and households and weaker economic growth. While plausible, this argument is far less clear-cut when examined through both theoretical and empirical lenses.<\/p>\n

Different Strategies in the United States and Europe<\/strong><\/h3>\n

Let us proceed step by step. In the United States, the shift in regulatory stance became evident during 2025. Midyear, supervisory authorities proposed a significant reduction in certain capital requirements, with the stated objective of supporting credit supply. This direction was consolidated toward the end of the year, leading to measures set to take effect in 2026\u2014marking one of the most significant changes in the U.S. prudential framework since the reforms following the 2008 global financial crisis.<\/p>\n

According to estimates by JPMorgan Private Bank, the thirteen largest U.S. banks hold more than $200 billion in capital above regulatory minimum requirements. From the perspective of these institutions, deregulation could allow these resources to be used to expand lending, increase shareholder remuneration through higher dividends or share buybacks, or finance strategic initiatives such as mergers and acquisitions.<\/p>\n

In the United Kingdom, in December 2025, the Financial Policy Committee\u2014the body responsible for financial stability\u2014also revised capital requirements. Here too, the main objective was to strengthen growth, competitiveness, and the lending capacity of the banking system.<\/p>\n

The European Union has taken a different path. European authorities have acknowledged that, over time, the prudential framework has become increasingly complex, fragmented, and burdensome, partly due to overlapping layers of regulation, authorities, and instruments. However, rather than deregulating, they have opted for a targeted simplification program: reducing overlaps, clarifying the structure of requirements, improving proportionality\u2014especially for smaller banks\u2014and streamlining reporting, without lowering overall capital levels.<\/p>\n

\"\"<\/p>\n

What Is Bank Capital For?<\/strong><\/h3>\n

What is the role of capital in banking? It is not merely a regulatory constraint but a fundamental resource for banks\u2019 operations. Adequate capital levels enable more flexible strategic choices\u2014for example, expanding growth opportunities, including acquisitions during favorable market conditions; they strengthen market confidence, as better-capitalized banks are perceived as safer; and, most importantly from a regulatory perspective, they provide the primary buffer against unexpected losses, particularly those arising from lending activities, which inherently involve significant risk.<\/p>\n

The principle underlying prudential rules is straightforward: more capital means a greater capacity to absorb losses and to take risks in an orderly manner.<\/p>\n

Although complex, current regulations reflect this logic. Capital is divided into components of varying quality, depending on their ability to absorb losses promptly in times of stress. These range from common equity\u2014 the most robust but also the most costly form of capital\u2014to hybrid instruments that can convert into core capital under certain conditions. Additional layers serve specific functions, both in normal operations and during periods of distress.<\/p>\n

This structure contributes to the complexity of the regulatory framework, but it also allows for the calibration of incentives, efficient capital management (including cost considerations), and the adaptation of regulatory responses to different economic and financial environments.<\/p>\n

It is precisely here that the difficulty of assessing the costs and benefits of deregulation arises. Pressure to ease constraints\u2014unsurprisingly supported by banks\u2014is based on the idea that higher capital requirements automatically translate into higher costs, reduced lending, and weaker growth.<\/p>\n

In reality, the relationship is far from straightforward. Theoretically, stronger capitalization makes banks more resilient and may reduce the risk premium demanded by investors. Empirically, there is no clear and stable long-term correlation between stricter capital requirements and higher borrowing costs. On the contrary, evidence suggests that better-capitalized banks tend to sustain lending more effectively during downturns, helping to smooth economic fluctuations.<\/p>\n

By contrast, undercapitalized banks are more prone to distortions in lending behavior. They may be more inclined to finance risky borrowers or conceal their fragility by continuing to support low-productivity \u201czombie\u201d firms, in an attempt to avoid recognizing losses and further weakening their capital position.<\/p>\n

It is also important to distinguish between short-term and long-term effects. In the short run, adjusting to higher capital requirements may entail temporary costs and a contraction in lending, particularly toward riskier borrowers. However, these effects are typically transitory and should not be confused with the long-term structural benefits of a more resilient banking system. Conversely, the immediate gains from regulatory easing, if not carefully calibrated, may translate into long-term fragility.<\/p>\n

The Cost of Crises and the Memory of Recent Ones<\/strong><\/h3>\n

A crucial element often underestimated in the debate is the social cost of financial crises. These costs are difficult to quantify ex ante, but once a crisis materializes, they result in persistent GDP losses, higher public debt, and an adjustment burden borne mainly by households and firms, rather than by bank shareholders who benefited during expansionary phases.<\/p>\n

The crisis of mid-sized U.S. banks in 2023 provides a recent and instructive example. It showed how vulnerabilities that appear contained can rapidly evolve into systemic stress. The case of Silicon Valley Bank is emblematic: considered a \u201cmid-sized regional bank\u201d under U.S. standards, with about $200 billion in assets, it would have been classified as a significant institution under European criteria, subject to stricter supervision by the European Central Bank. Its failure, which unfolded within days, highlighted how quickly crises can develop in less regulated segments of the system.<\/p>\n

This occurs against a backdrop of global financial uncertainty, driven by geopolitical tensions, the climate transition, the expansion of the non-bank financial sector, and the gradual reduction in public spending capacity in many advanced economies. In such an environment, the idea that systemic risk has structurally declined is at best questionable. Any deregulation process should therefore be approached with caution.<\/p>\n

Simplification Yes, but Not Necessarily Less Capital<\/strong><\/h3>\n

In Europe, the need to simplify the prudential framework is real and widely recognized. However, simplification does not automatically mean less capital.<\/p>\n

In recent years, European banks have benefited from solid solvency positions, which have strengthened investor confidence, facilitated market access, and helped contain both the cost of capital and debt funding. In this context, the objective of European authorities is not to have \u201cfewer rules,\u201d but rather rules that are simpler, more coherent, and more proportionate, in a system that remains highly fragmented and characterized by significant national discretion and coordination challenges among authorities.<\/p>\n

Ultimately, the international debate on bank capital cannot be reduced to a simple opposition between pro-growth and anti-growth regulation. Measuring the costs and benefits of deregulation is complex, and available evidence does not support the idea that lowering capital requirements automatically increases lending to households and firms. It is more plausible that the immediate benefits would translate into higher profits for shareholders, while the costs associated with weaker resilience would emerge later\u2014often suddenly.<\/p>\n

The European strategy of simplifying without undermining stability therefore represents an attempt to address a real issue without repeating past mistakes. In a context of high uncertainty and limited fiscal capacity, a resilient banking system is not an obstacle to growth, but a fundamental prerequisite.<\/p>\n

 <\/p>\n

Brunella Bruno is a researcher qualified as Full Professor at the Department of Finance at Bocconi University. Her research focuses on bank behavior, risks (both traditional and emerging), banking regulation, and art investments. She is a Research Fellow at the Baffi Center, a Fellow of the Institute for European Policymaking at Bocconi University, and a member of the European Parliament\u2019s expert panel on banking supervision.<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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