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Lloyds Banking Group expects core tier 1 requirement of 11 pct

Reuters - UK Focus

LONDON, March 25 (Reuters) - Lloyds Banking Group expects UK regulators to require banks to hold a common equity tier 1 requirement of around 11 percent under normal market conditions, Chief Executive Antonio Horta-Osorio told a conference in London.

Horta-Osorio said capital requirements in Europe and the United Kingdom were becoming better defined. The Prudential Regulation Authority sets a minimum requirement of 7 percent but investors generally expect a ratio of 10 percent.

Speaking at the same Morgan Stanley (Berlin: DWD.BE - news) conference, Royal Bank of Scotland's Chief Executive Ross McEwan reiterated a target for its Irish business Ulster Bank to move back into profitability in 2014.

(Reporting by Matt Scuffham)