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

Deputy governor also dismisses term ‘shadow banking’ as 'unhelpful'

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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