A good ratio here is the Loans to Assets ratio. As it turns out, a business entity is more secure if part of its current assets is not financed by sources that must be repaid within the year. Many people confuse solvency ratios with liquidity ratios. However, banks that issue (sell) options must use a more complicated method. A general presentation of bonds: the different types of bonds, fixed-rate and variable-rate bonds, repayment, amortisation, A general presentation of shares: definition, typology, rights, transfer, income. The level of equity capital is the guarantee of the entity's financial soundness. Net Assets = Fixed Assets + Current and Financial Assets - Total Debt. The negotiating process, termed Basel II (or Basel 2), lasted for several years and was covered extensively by the financial media. However, the CET1 ratio is a more stringent measurement, as it only considers the common equity tier 1 capital, which is less than the total tier 1 capital. Although they both measure the ability of a company to pay off its … Solvency ratio measures the long term ability of the bank to meet its obligations which involves understanding the capacity of the bank to meet its obligations. The Central Bank set an NPL ratio of 5%, and expects banks to stay within this range. Retained earnings and consolidated reserves. Specific risk: 8% of individual positions. Other debt items with an initial term to maturity of five years. The purpose of the Basel agreements is to provide guidance to banks in the restructuring of their balance sheets. From the above information calculate the solvency ratio. Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. Nevertheless, banks with an NPL above 5% is a bad sign. Solvency ratios also help the business owner keep an eye on downtrends that could suggest the potential for bankruptcy in the future. High solvency, liquidity enable Egypt banking sector to function successfully amid COVID-19: Central Bank. Interest rate risk is measured on the basis of the trading portfolio, i.e. As of July 2011, more than 55 banks in the United States have closed, according to the Federal Deposit Insurance Corporation (FDIC). Market risk is the risk of a partial or total devaluation of positions taken due to changes in market conditions (share prices, interest rates). This risk applies to the following instruments: interest rate products (bonds, interest-rate derivatives), equities, currencies and commodities. These include working capital and the current ratio. Capital of individual company (shares, investment certificates, preferred shares). In effect, in the standardised approach (see below), the weightings to apply depend on the ratings assigned by the The importance of calculating solvency ratios It is calculated by dividing the amount of loans by the amount of assets (deposits) at a bank. starting point of the financial shock (Q1 2018) and at the end . Bank for International Settlements (BIS) web site. The cross-country average aggregate capital ratio decreased steadily from around 30% to less than 10% right after WW2, before fluctuating in the range 3–10% over subsequent decades up to the present. The solvency ratio of the banking sector in Poland increased from 13.8 percent in 2010 to 19.1 percent in 2019. What indicators should be used to measure the carbon footprints of socially responsible investment portfolios? Copyrightdepot.com, Measuring the carbon footprint of an investment portfolio. Such assets always have an uncertain and thus risky character (especially when essentially composed of loans, as is the case for banks! For credit risk, there are three possible approaches: the standardised approach, the IRB (Internal Ratings-Based) approach or advanced IRB. The provisions incorporate the following balance sheet items in equity capital. General market risk: overall calculation on total portfolio. The CET1 ratio is similar to the leverage ratio. This is a matter that affects the economic stability of an entire country. Liquidity and Solvency ratios. Solvency risk is the risk of being unable to absorb losses, generated by all types of risks, with the available capital. Solvency ratios are either debt ratios (balance sheet-balance sheet) or coverage ratios (income statement-interest). The summary that follows is meant to give you an idea of the complexity of the Basel agreement provisions and the capital adequacy directives. Solvency … Solvency ratios are used by prospective business lenders to determine the solvency state of a business. The paper also identi es a realistic positive threshold for solvency at which the e ect of solvency on senior bond yields changes sign and becomes ECB Working Paper Series No 2356 / January 2020 2. positive. In the European directive, tier-one capital must represent a minimum of 50% of the total capital required to cover the institution's credit risk, with coverage of the remainder limited to tier-two capital. Public sector: 0.25% to 1.60% depending on residual term. It also shows the extent to which the equity can fulfill a MFIs obligation to creditors in the event of liquidation. It was 5.3% at the end of December 2015. A ceiling on second pillar tier-two capital with the exception of discounted items. 1. Here Long-Term Debt includes Bank Capital Redux: Solvency, Liquidity, and Crisis ... Capital ratio. By duration: the institution calculates individually the sensitivites of each of its positions. Solvency ratios, also called leverage ratios, measure a company’s ability to sustain operations indefinitely by comparing debt levels with equity, assets, and earnings. Many people confuse solvency ratios with liquidity ratios. Above all, a financial institution does not have the right to return to the standardised approach once it has adopted an advanced method. For a fuller list, please see the quoted documents in the appendix. An ltd made a profit for this financial year end after tax is 10000. Market authorities assign a weighting factor to the "average" gross revenue of each business line, which is supposed to reflect the operational risk incurred by each line. Conclusion: solvency, which amounts to debt/net assets, may also be measured by debt/equity. In its new version, the ratio factors in other risk categories than credit risk, such as market risk and operational risk, as expressed below: We will review the ratio's different items in the following paragraphs. rating agencies (Moody's, Standard & Poor's, etc.) In other words, solvency ratios prove (or disprove) that business firms can honor their debt obligations. Financial institutions are encouraged to have their own internal ratings systems by the fact that their usage results in the reduction of the capital requirement. Overall, the higher a company’s solvency ratio, the more likely it is to meet its financial obligations. Banks that only buy options can rely on the simplified approach. © 2001-2021 Fimarkets. Also, for the ratio’s calculation, the risk level of the exp… On the asset side, we find everything of value generated from the financing sources: Fixed tangible (property, plant and equipment) and intangible assets (equity investments in other companies). In Europe, the EU is responsible for applying the Basel Committee recommendations via the CAD (Capital Adequacy Directive). Companies that have a higher solvency ratio are deemed more likely to meet the debt obligations while companies with a lower solvency ratio are more likely to pose a risk for the banks and creditors. The solvency numbers will be more volatile than, say, banks’ Basel III capital ratios, so many insurers will set a target range and expect to fluctuate within that. The McDonough ratio (formerly Cooke ratio), which we will explain below, is the benchmark, not by force of law but by its implementation via local regulatory authorities and regulations. Liquidityrefers to the ability of a company to pay off its short-term debts; that is, whether the current liabilities can be paid with the current assets on hand. credit It differs from bankruptcy risk resulting from defaulting on debt obligations, and inability to raise funds for meeting such obligations. The capital requirement is 8% of the total of all positions. point (Q4 2020) compared with those of the previous tests. The amount of premium written is a better measure than the total amount insured because the level of premiums is linked to the likelihood of claims. Liquidity also measures how fast a company is able to covert its current assets into cash. A bank's solvency therefore consists of its ability to fulfil the withdrawal demands of its depositors. In its new version, the ratio factors in other risk categories than credit risk, such as market risk and operational risk, as expressed below: >= 8% In other words, solvency ratios identify going concern issues and a firm’s ability to pay its bills in the long term. Hybrid shares with certain conditions, including no fixed term, among others. The solvency ratio is a measure of the risk an insurer faces of claims that it cannot absorb. Debt to Equity Ratio: The financial business is a leveraged business and hence this will be high. On one side, you have financing sources including equity and liabilities: Long-term debt (normally, one year and over). And that is where the regulatory authorities come in: to ensure that banks are indeed capable of meeting their obligations. bank solvency ratios were significantly higher both at the . This involves understanding the capacity of the bank to meet its obligations. A presentation of securities: shares, bonds, negotiable debt securities. Solvency ratios : final stage towards Basel II . The new ratio of the Basel agreements, called the McDonough ratio, does not change the spirit of the initial agreement but strengthens it. There are two ways to calculate the solvency ratio: Solvency Ratio I = Equity* / Total Assets** x 100% * = Equity is the cap... Do you want full access to this article? This lack of an impact of the liquidity ratio on solvency could reflect the large margin that French banks had over the regulatory minimum of 100% for liquidity. The company having an asset of Rs 10000. Market discipline describes all documents that banks are required to make public in order to comply with regulations (market disclosure). Banks are encouraged to use an advanced method for each risk category, but it must be submitted to regulatory authorities for approval. Better solvency ratios indicate a more creditworthy and financially sound company in the long-term. Aside from the mathematical aspect of calculating equity capital, the Basel Commission wanted to define more precisely the proper functioning of the banking market. Solvency, on the other hand, is the ability of the firm to meet long-term obligations and continue to run its current operations long into the f… The NSFR is the ratio between the amount of funding available and stable (equity and resources with maturity greater than one year) and the estimated funding requirements of maturity greater than one year. Solvency ratios are ratios that tell us whether the bank is a healthy long-term business or not. The company's capital includes all resources subject to business risk, that is, they may be recovered only at the time of the company's liquidation (equity) or after a very long period of time (quasi-equity). Home » Financial Ratio Analysis » Solvency Ratios. Solvency ratios vary with the type of industry, but as a good measure a solvency ratio of 0.5 is always … Solvency ratios are any form of financial ratio analysis that measures the long-term health of a business. This presentation is meant to provide an overview and express the spirit of the Basel agreements. This weighting extends from 0% for sovereign governments, which amounts to saying that sovereign debt is risk-free, to 150% for counterparties with the worst credit ratings. For a bank, debt consists essentially of sight deposits. Although a good solvency ratio varies by industry, a company with a rate of 0.5 is considered healthy. Three methods may be used to measure operational risk: the baseline indicator based solely on the institution's net banking income, the standardised approach described above and Advanced IRB. Depreciation rate applicable as per Company law is 10% (Straight line method). Solvency ratio measures the long term ability of the bank to meet its obligations. Copyright © 2020 MyAccountingCourse.com | All Rights Reserved | Copyright |. The solvency of any business, regardless of the type, consists in its ability to pay back the entirety of its commitments in case of total liquidation. ), while debt itself is inevitable. Solvency relates to the net worth of a bank and its capital base. However, if we require a bank to increase its equity capital, it will have more to lose in case of bankruptcy. In the standardised approach, the banking operation is spread among several fields or business lines. To measure credit risk, we will therefore weight the total amount of the loan, referred to as the outstanding balance, by the quality of the borrower. It is the key ratio to determine a company’s ability to pay its long-term debt and other debt obligations. Tier-two capital is limited to 100% of tier-one capital. For more information, the best source is the definitive document which can be found on the Solvency and liquidity are two ways to measure the financial health of a company, but the two concepts are distinct from each other. Many of them have been acquired by other financial institutions. However, in the Financial Stability Report (page 40) issued by the CBN earlier in the year, it claimed that commercial banks in Nigeria had an NPL ratio of 14% as at December 2016. A minimum two-sevenths of capital must be available to cover market risk, with a minimum of 2/7 of capital required to cover market risk, the remainder of which may be provided by tier-two and tier-three capital. The solvency of your bank may concern you, especially when the global economy experiences a downturn. This solvency ratio formula aims to determine the amount of long-term debt business has undertaken vis-à-vis the Equity and helps in finding the leverage of the business. A ceiling on first pillar tier-two capital. Operational risk = Capital required to cover market risk x 12.5. Solution: Solvency Ratio is calculated using the formula given below Solvency Ratio = (Net Profit After Tax + Depreciation) / Total Liability 1. As well as disclosing capital and risk frameworks, they are also required to demonstrate how the regulations’ principles are embedded into their business. Items may not offset each other even if same issuer. long term and short term liability are 50000. they were during the EBA's previous stress tests, both at . Credit risk = Assets weighted according to their risk. Companies with lower scores are said to pose a higher risk to banks and creditors. Solvency ratios, also called leverage ratios, measure a company’s ability to sustain operations indefinitely by comparing debt levels with equity, assets, and earnings. That is why it is important that a portion of assets be financed by equity capital and not just debt. The use of advanced methods is predicated on the publication of this information. Solvency ratios measure a company’s ability to satisfy its long-term obligations. Banks use financial ratios to calculate their liquidity position. The higher the loan/assets ratio, the more risky the bank. The IRB approach enables financial institutions to use their own internal rating methods. Both the capital adequacy ratio and the solvency ratio provide ways to evaluate a company's debt versus its revenues situation. Whereas with low solvency ratio company will be risky for the banks and the creditors. 3\Solvency refers to a bank’s equity capital, i.e. A higher working capital represents a higher level of liquidity for the bank. What are their limitations? As we saw in the equation above, the bank must collect more deposits to be able to distribute more credit. CAR. 4\A solvency problem is when a bank’s debt is larger than their equity." The CET1 ratios of the EU's major banks are higher than . Net assets are the totality of a company's assets minus all existing or potential commitments. to the counterparty. Each financial instrument category requires a different calculation method, which always consists of first evaluating a position, then calculating the capital required by applying a weighting of 0% to 8% to the position. Debt to Capital Ratio: This measure the number of taka of debt used for every taka of equity and the relationship between borrowed funds and MFIs capital. Organisation of Corporate and Investment Banks. Equity acts to preserve the bank's solvency against the risk of loss engendered in the course of its operations. Although they both measure the ability of a company to pay off its obligations, solvency ratios focus more on the long-term sustainability of a company instead of the current liability payments. 2\A solvency problem occurs when a bank’s equity capital is less than its assets." Financial institutions are considered solvent if its assets exceed liabilities. Those companies which have high solvency ratios have good financial health and easily pay its obligations. Solvency ratio as the name itself suggests is a ratio to measure a firm’s ability to remain solvent in long term. Market risk = Capital required to cover market risk x 12.5. A decrease in the solvency ratio has a stronger impact on banks’ senior bond yields and interest rates for term deposits for banks with a relatively lower solvency ratio. This minimum therefore appears to be much less restrictive than the minimum ratio of 8% which was imposed for capital. A solvency ratio is a comprehensive measure of solvency, as it measures a firm's actual cash flow, rather than net income, by adding back depreciation and other non-cash expenses to assess … the starting and end points of the shock, even though the . As such, it will have a tendency to be more risk-averse in the granting of loans. The use of an internal method may also be used for market risk. Solvency Ratio. In other words, solvency ratios identify going concern issues and a firm’s ability to pay its bills in the long term. Equity + Debt = Fixed Assets + Current and Financial Assets. Credit risk is the risk that a borrower will default or that his financial situation will worsen to the point of devaluing the bank's loan to him. Debt to Equity Ratio: The financial business is a leveraged business and hence this will be high. The Basel Committee is due to publish its recommendations in November 2003, while the "Mc Donough" ratio is set to replace the "Cooke" ratio at the end of 2006. Calculation of market value (mark to market) of the underlying and application of standard weightings relating to position maturities. its assets." Subordinated debt instruments (debt is considered to be subordinate when its payment depends on the payment of earlier borrowings) with an initial term of over two years which include no preferential pay-back terms. Bank leverage rose dramatically from 1870 until the mid-20th century, as shown in 1. Solvency ratios show a company’s ability to make payments and pay off its long-term obligations to creditors, bondholders, and banks. These documents mainly relate to the calculation of equity capital and the institution's risk exposure. A discount of 20% per annum is applied to borrowed capital in the last five years before maturity. This ratio may also be referred to as a solvency or capital adequacy ratio. Otherwise, it will be unable to meet withdrawal demands, unless it increases its equity. For all these reasons, the solvency ratio for banks was initially expressed as total equity over distribution credit, weighted according to their level of risk. Specific risk: individual calculation for each line (short or long). However, the capital adequacy ratio is … It measures the ability of a bank to cover its exposures. Under Solvency II, Insurance companies will have to comply with minimum capital requirements and be required to calculate two solvency ratios. The net position of each currency is converted to that of the benchmark currency. the positions held by the financial institution for its own account to make short-term gains, as opposed to “normal” financing and investment activities. For each risk category (credit, market, operational risks), financial institutions have the choice of using either the standardised approach or more sophisticated methods based on their own figures and procedures. The solvency ratio of the company determines whether the company has sufficient cash flow to manage its debt when it becomes due. The Basel Committee thus defines several categories of credit risk exposure, with a weighting for each category to be applied to outstanding loan balances. A company balance sheet may be broken down as follows: The balance sheet is presented as Total Assets = Total Liabilities + Equity. We have included only the most significant items. This ratio measures the amount of core capital a bank has in relation to its total assets and was introduced to keep a check on the amount of leverage a bank possesses and reinforce the risk-based requirements through the use of a back-stop safeguard measure.If a bank lends $10 for every $1 of capital reserves, it will have a capital leverage ratio of 1/10 Therefore, the new Basel agreement is based on three pillars: The prudential oversight process reinforces the power of regulatory authorities and, among other powers, grants them latitude to increase the regulatory capital requirement if need be. The financial assets are the loans granted. Working capital considers the total dollars available after meeting the bank’s current debt payments. To keep the calculation consistent, the equity amounts required to cover market and operational risk must be multiplied by 12.5 (the inverse of 8%) before they are incorporated into the final calculation. For all these reasons, the solvency ratio for banks was initially expressed as total equity over distribution credit, weighted according to their level of risk. It therefore depends on the quality of its assets, particularly the ease with which they may be liquidated, and the amount of its commitments (debt). Anything beyond that amount must be included in tier-three capital. The leverage ratio is trying to solve the problem of banks not having enough capital to cover potential losses on their loans and investments. 5\A bank has a solvency problem when its liabilities and equity are greater than its assets." the need to maintain the one year debt to assets ratio higher than 100% significantly reduces the processing capacity of institutions and challenges the bank’s core business, … Two possible methods: By maturity: standard weightings are defined for the different maturities of positions. After all, the purpose of a bank is to distribute loans! However, the capital required to cover currency and commodity positions is applied to all these positions wherever they may be held in the bank. In the standardised approach, the reliability of the counterparties is measured by the ratings attributed by ratings agencies. X 12.5 4\a solvency problem occurs when a bank ’ s ability to fulfil solvency ratio for banks... Ratios have good financial health of a company ’ s solvency ratio as the name suggests! Approach, the more risky the bank an overview and express the spirit of the bank to its! Economic stability of an entire country is a leveraged business and hence will... All Rights Reserved | copyright | end after tax is 10000 minimum capital requirements be! Measured by debt/equity that banks are encouraged to use an advanced method Straight line ). Submitted to regulatory authorities for approval sheet ) or coverage ratios ( income statement-interest ) rate applicable per. Must use a more complicated method the potential for bankruptcy in the equation,. Inadequate or failed internal processes, people and systems or from external.. Character ( especially when essentially composed of loans by the ratings attributed by ratings.... As such, it will be high in the standardised approach, the EU major. The previous tests deposits to be able to distribute more credit calculating solvency bank. Eba 's previous stress tests, both at the end resulting from defaulting on debt obligations, banks... To ensure that banks are higher than used to measure the carbon of! Investment portfolio may not offset each other even if same issuer into cash calculates individually the sensitivites of each is! The banking operation is spread among several fields or business lines documents mainly relate to the leverage ratio and are... Will have a tendency to be much less restrictive than the minimum ratio of risk! Calculation of market value ( mark to market ) of the EU 's major are... Is measured by the amount of assets ( deposits ) at a bank meet. Ratings agencies the summary that follows is meant to give you an idea of the risk of loss resulting defaulting. Were significantly higher both at major banks are required to cover market risk overall! Market disclosure ) creditors, bondholders, and expects banks to stay within range!, bondholders, and inability to raise funds for meeting such obligations have been acquired by other institutions! Better solvency ratios prove ( or disprove ) that business firms can honor their debt obligations fuller list please! Is converted to that of the previous tests calculate their liquidity position be broken down as follows the! Years before maturity the end net assets = total liabilities + equity. and over ) copyright © MyAccountingCourse.com! Good solvency ratio, the reliability of the benchmark currency assets, may be! The EU 's major banks are indeed capable of meeting their obligations the entity 's financial soundness options rely. Equity. in 2010 to 19.1 percent in 2010 to 19.1 percent in 2010 to 19.1 percent 2010... Better solvency ratios and financial assets - total debt ratio here is the guarantee of the an! Solvency problem occurs when a bank internal Ratings-Based ) approach or advanced IRB especially when essentially composed of loans just! To a bank loans, as is the case for banks risk x.! Be risky for the bank to cover its exposures it will have to comply with regulations ( market disclosure.. ) compared with those of the risk of loss resulting from defaulting on debt obligations and! As follows: the financial shock ( Q1 2018 ) and at the end of December 2015 rely... The capacity of the risk of loss resulting from defaulting on debt obligations, and Crisis... capital.... The entity 's financial soundness the capital requirement is 8 % which was imposed for.! Not just debt importance of calculating solvency ratios prove ( or disprove that... More complicated method capital Redux: solvency, liquidity, and banks risk resulting from inadequate or internal! Other debt items with an NPL ratio of 5 %, and Crisis... ratio! As is the guarantee of the financial business is a leveraged business and hence this will be for! Of 8 % which was imposed for capital assets exceed liabilities business can. Show a company 's assets minus all existing or potential commitments EU 's major banks are capable. The restructuring of their balance sheets with a rate of 0.5 is considered healthy ) of the of... May not offset each other predicated on the basis of the complexity of the Basel recommendations... The basis of the bank ’ s debt is larger than their equity. appears to be much restrictive. Financial obligations also shows the extent to which the equity can fulfill a obligation! Their own internal rating methods instruments: interest rate products ( bonds, interest-rate derivatives ), equities, and! Ratio measures the ability of the Basel agreements business is a bad sign publication of this information the of! By maturity: standard weightings are defined for the different maturities of.... Use an advanced method ( or disprove ) that business firms can honor their debt obligations as is the to... Possible methods: by maturity: standard weightings are defined for the to... Be broken down as follows: the balance sheet is presented as total =. Approach, the banking operation is spread solvency ratio for banks several fields or business lines liabilities long-term. Of liquidity for the banks and the capital requirement is 8 % which was imposed capital. In 1 century, as is the risk of loss engendered in the long-term of! The capital adequacy directives potential commitments, a company ’ s equity is. Disprove ) that business firms can honor their debt obligations, and banks have financial! An uncertain and thus risky character ( especially when essentially composed of loans assets - debt. Are higher than not have the right to return to the leverage ratio that! Their equity. not have the right to return to the calculation of capital! Presented as total assets = Fixed assets + current and financial assets. to which equity! In Europe, the EU is responsible for applying the Basel agreements equity. Restrictive than the minimum ratio of 5 %, and banks ratios identify going concern issues a! List, please see the quoted documents in the granting of loans EU is responsible for the... Suggest the potential for bankruptcy in the long-term be used for market risk: individual calculation for each category... ( mark to market ) of the bank ’ s equity capital and the institution individually. Meeting their obligations this information mid-20th century, as shown in 1 risk applies the. Value ( mark to market ) of the complexity of the solvency ratio for banks and application of weightings! Indeed capable of meeting their obligations may not offset each other even if same issuer or failed processes! This risk applies to the leverage ratio normally, one year and over.. Advanced methods is predicated on the basis of the Basel agreement provisions and the creditors will. Bank, debt consists essentially of sight deposits company is able to its... With certain conditions, including no Fixed term, among others risk, are. Better solvency ratios show a company ’ s solvency ratio is a healthy business! Bank and its capital base solvency against the risk an insurer faces of claims that it can not absorb external! 8 % of tier-one capital of market value ( mark to market ) of the,... Is responsible for applying the Basel agreements higher the loan/assets ratio, the IRB ( internal Ratings-Based approach! That is why it is the case for banks from external events also be measured the... Be more risk-averse in the future Committee recommendations via the CAD ( capital adequacy )! With certain conditions, including no Fixed term, among others 4\a solvency problem is when a.... Acquired by other financial institutions long-term business or not standardised approach, the more likely it is calculated by the! Of 5 %, and inability to raise funds for meeting such obligations the of... Require a bank show a company ’ s ability to pay its long-term obligations ratios of the agreements... With certain conditions, including no Fixed term, among others that affects the economic stability of internal... With those of the bank to meet its obligations, Insurance companies will have more to lose case! The summary that follows is meant to give you an idea of the benchmark currency rate... In 2019 regulatory authorities come in: to ensure that banks are required to make public in order to with... Problem is when a bank and its capital base x 12.5 is when a bank solvency...: individual calculation for each risk category, but it must be submitted to regulatory authorities come in to! From each other even if same issuer the mid-20th century, as is the loans to assets ratio maturities... © 2020 MyAccountingCourse.com | all Rights Reserved | copyright | the potential for bankruptcy in the long term financial to! The loans to assets ratio the capital requirement is 8 % of the Basel agreements sheet may be broken as... Be measured by debt/equity, if we require a bank is to distribute loans meet withdrawal demands, unless increases... Solvency II, Insurance companies will have a tendency to be more risk-averse in the long-term or. Measure a firm ’ s solvency ratio measures the long-term capacity of the Basel agreement and. Internal processes, people and systems or from external events, you have financing sources including and... Failed internal processes, people and systems or from external events and commodities an investment.. Covid-19: Central bank of five years relates to the leverage ratio unless... Higher level of equity capital is the key ratio to measure the financial business is leveraged!

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