Banking: 'Five years' to repair balance sheets

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The Independent Online

Nearly three-quarters of European banks reckon it will take at least another five years for them to repair their balance sheets following the financial crisis, a report from Deloitte has found.

The recession and the continuing crisis in the eurozone seems to be to blame for the slow recovery of the banking sector.

"A stagnant economy and eurozone volatility makes it extremely difficult for banks to raise capital by issuing new equity or through increased profitability," Zahir Bokhari, lead UK banking partner at Deloitte said.