RBS and Standard weakest in Bank of England stress test

Royal Bank of Scotland and Standard Chartered were the weakest of Britain’s seven largest lenders in a Bank of England stress test.

The central bank tested the UK’s biggest lenders in order to measure whether they would survive a financial shock, as reported by the BBC.

Out of the seven banks tested, RBS and Standard Chartered were found not to have enough capital strength.

As both took steps to raise capital they were not told to come up with a new plan, as Co-Operative Bank was last year.

“We are pleased with the progress we have made relative to the 2014 stress test, but recognise we still have much to do to restore RBS to be a strong and resilient bank for our customers,” said RBS chief financial officer, Ewen Stevenson.

Standard Chartered’s chief executive Bill Winters said: “The results of the test demonstrate our resilience to a marked slowdown across the key markets in which we operate”.