David Miles, a member of the Monetary Policy Committee at the Bank of England, said banks should hold significantly higher capital buffers than they already do and than those required by Basel III rules. "To many people, these levels look ridiculously high, but if risk-weighted assets are, let's say, half of total assets, then in terms of overall level of funding, 20% relative to risk-weighted assets would be only 10% overall in the form of equity and 90% in the form of debt," Miles said.

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