Slowly, ever so slowly, banks are being forced to clear away the fog and mirrors that have protected their balance sheets from the prying eyes of investors and sceptics.
Last month, UK banks became the first in the world to disclose their total borrowing, known as leverage ratio, on a standardised basis.
They haven’t done this willingly – the Bank of England insisted – and their disclosures are all surrounded by lots of hemming and hawing about how the leverage rules are still changing.
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