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Financial News Network
January 22, 2012 AT 4:49 AM
European banks must submit their recapitalization plans to their national authorities by the end of the day today, as the banks seek to increase their capital reserves by a combined 115 billion euros, or $147 billion. The deadline, set by the European Banking Authority, is part of regulators' efforts to strength European institutions' core Tier 1 ratios, a measure of a bank's ability to weather financial shocks, to 9 percent by June. Banks, including Deutsche Bank and Société Générale, have until the end of the day today to provide national authorities with guidance on how they expect to raise the extra money.