The Bank of England on Friday said that UK financial institutions will need to raise an extra £27 billion ($40.9 billion) of bonds over the next four years to ensure they can ride out a crisis without taxpayer bailouts.

The Bank of England issued proposals on rules aimed at ensuring financial companies maintain sufficient equity and liabilities to soak up losses in times of stress, and then recapitalise. The rules would apply to 400 banks, building societies and investment firms and come into force in 2020.