The European Banking Authority has published a Recommendation (including final figures), relating to banks’ recapitalization needs as part of a broader European package agreed by the European Council in October 2011 to address the current situation in the EU by restoring stability and confidence in financial markets. The Recommendation states that national supervisory authorities should require those banks listed in Annex II to strengthen their capital positions by building up an exceptional and temporary capital buffer against sovereign debt exposures to reflect market prices as at the end of September 2011. Banks will further be required to establish an exceptional and temporary buffer so the Core Tier 1 capital ratio reaches a level of 9% by 30 June, 2012.