Mark Carney has spoken on how the UK is recovering from the financial crisis and how BoE is restoring the stability of, and the public confidence in, banks. He outlined the new requirements for banks to repair their balance sheets so that their capital ratios at least reach a threshold of 7% by the turn of the year. He announced that, for major banks and building societies meeting the minimum 7% capital threshold, BoE will reduce the level of required liquid asset holdings. He said the effect of this will be to lower total required holdings by £90 billion, once all eight major banks and building societies meet the capital threshold. He stressed there is also ongoing work at international and UK levels to meet requirements for systemically important institutions and the Vickers recommendations. The Prudential Regulation Authority (PRA) published guidance on how it will implement the reforms for banks that meet the threshold. (Source: BoE Speaks on Recovery and PRA Confirms Liquid Asset Reduction Arrangements)