BoE’s Cunliffe says leverage ratio is no mere ‘backstop'

Sir John Cunliffe
Jon Cunliffe, Bank of England

The deputy governor of the Bank of England, Jon Cunliffe, used a speech at the Financial Reporting Council annual conference in London yesterday to stress the introduction of leverage ratio regulation in 2019 will complement new risk-based capital rules rather than act as a "backstop".

"The leverage ratio is not a ‘safety net' that one hopes or assumes will never be used," said Cunliffe. "Rather, bank capital adequacy is subject to different types of risks. It needs to be seen through a variety

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