RBS and Standard Chartered came close to failing a big stress test

Royal Bank of Scotland and Standard Charted almost failed the Bank of England’s 2015 stress tests.

Despite missing targets, the two banks had just enough emergency capital after being run through a hypothetical economic collapse by the UK’s banking regulator.

The Prudential Regulation Authority, a unit of the Bank of England, said the banks won’t have to ask investors for more money because they have plans to raise more capital are already underway.

Ewen Stevenson, chief financial officer of RBS, said: “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.”

Bill Winters, CEO of Standard Chartered, said: “The test was conducted on our balance sheet as at the end of 2014. Since then we have made further significant progress in strengthening our capital position. We are operating at capital levels above current minimum regulatory requirements and have a number of additional levers at our disposal to further manage capital.”

The other banks that took part — Barclays, HSBC, Santander, Lloyds and Nationwide — all passed the stability test, which examined how secure the banks are in the event of a Chinese economic collapse and global recession.

NOW WATCH: JAMES ALTUCHER: The American Dream is a lie

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.