BIS central bankers’ speeches  3  Fourth, a key factor that accentuated the global financial crisis was excessive leverage. While the Indian banking system is currently moderately leveraged, according to the guidelines issued by the Reserve Bank, banks should strive to maintain a minimum Tier I leverage ratio of 4.5 per cent pending the final proposal of the Basel Committee.
As we all know, the Philippine economy survived the GFC relatively unscathed. That, in large part, was due to our sound and stable financial system. Seven years since the GFC, the Philippine banking system continues to stand strong. And, since 2012, the Philippines has been the only jurisdiction whose banking system has been given a positive rating outlook by Moody’s Investor Ratings Services.