At the end of June 2013, the core tier 1 ratio had risen to an average of 11.2 per cent from 7.0 per cent in 2008.
In order for these actions to take place without aggravating lending conditions, we have insisted on the reduction of banks’ costs and the injection of new capital; we asked banks’ shareholders to forgo dividends, managers to reduce or cancel bonuses. BIS central bankers’ speeches  3  This has not been without effect.