The Wall Street Journal reported the Bank of England warned UK banks they must come up with $38 billion in fresh capital this year, putting pressure on Royal Bank of Scotland and Lloyds Banking Group to step up the pace of asset sales.

The Journal said RBS and Lloyds are seen by analysts as having the biggest need, have been selling loan portfolios and stakes in publicly listed companies. Both reported net losses for 2012.

To read the Wall Street Journal story click here.