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The question asked refers to one of the recommendations included in the final report of the Parliamentary Commission on Banking Standards published on
On the specific recommendation on the leverage ratio, the Government has reiterated its earlier commitment that the Financial Policy Committee will be given the power of direction to vary through time the baseline leverage requirement for deposit takers and investment firms, subject to it never being below the requirement determined by Basel III. That power should be granted once the baseline requirement is implemented.
1 https://www.gov.uk/government/publications/the- governments-response-to-the-parliamentary-commission- on-banking-standards