The banking industry worldwide needs to set aside the equivalent of 15 months' profit to meet target capital requirements under the Basel III regime, a new study from the Bank for International Settlements shows.The BIS reviewed data from 212 of the world's most active banks and is based on data for the year to June 2011. The study is one of many reviews that aim to illuminate the consequences for the banking sector and the global economy of efforts to reshape industry regulation.The BIS put the capital needs of the banks in the study group at €518 billion. This is the sum needed to bring those banks that lack capital into line with the new capital standard, which goes by the acronym CET1, for common equity tier one.The study does not disclose how many banks exceed the CET1 ratio of 7.0 per cent and thus what proportion of the 212 banks needs to raise the €518 billion.More than 90 per cent of this capital shortfall is required by what the BIS refers to as group one banks, which includes all global banks and major banks in markets such as Australia.The study also presents findings on the banking sector's progress in meeting liquidity and funding rules.Group one banks had achieved 90 per cent of their target for the liquidity coverage ratio (which requires short-term deposits, government bonds and some other liquid assets to be equal to 30 days normal cash outflow).The aggregate industry shortfall on liquid assets was equal to three per cent of all assets of the banks in the study.Banks had also reached 94 per cent of their net stable funding requirement, the BIS said.