These results go in line with an important point the OECD always makes: capital levels have increased since the crises without leading to a credit crunch. Let me comment on this from a financial stability perspective.
This deleveraging development is to be welcomed, as reduced leverage decreases both the potential for risks and the degree of financial interconnectedness and thus mitigates systemic risks and strengthens financial stability. Hence, deleveraging takes place without constraining private sector loans. This empirical evidence is also supported by a topical EBA survey, the EBA Risk Assessment Questionnaire 2016.