Despite all supervisory activity, in fact, the regulatory risk density of banks’ assets came to vary wildly across banks. It was not always obvious that variation in risk density related to variation in actual risk. 13  10  Plus a few minor islands. 11  Haldane AG, Madouros V, The dog and the Frisbee, Jackson Hole Symposium, 2012.
12  Haldane AG, Multi-polar regulation, International Journal of Central Banking 11(3), June 2015. 13  Italian IRB banks have typically been in the high range of risk density.