51  All speeches are available online at www.bankofengland.co.uk/speeches  51  Chart 20: Average 2007 risk weights, leverage and capital ratios of major EU, US and Canadian banks(a)(b) Tier 1 / Assets  European Union US  70  Canada  60 50 40 30 20 10 0 0%  20%  40%  60%  80%  100%  RWA / Assets  Sources: Bloomberg, FDIC, annual reports. (a) Data as of end-2007. Sample includes Bank of America, Barclays, BMO, BNP Paribas, BONY, CIBC, Citigroup, Crédit Agricole, Credit Suisse, Deutsche Bank, HBOS, HSBC, JPM, Lloyds, NBC, RBC, RBS, Santander, Scotiabank, Société Générale, State Street, TD, UBS, UniCredit, Wachovia, Wells Fargo. (b) Canadian and US banks’ balance sheet size is adjusted for IFRS. Chart 21: Estimated increase in the liquidity component of corporate bond spreads under different levels of initial redemptions (taken from Baranova et al (2017))  52  All speeches are available online at www.bankofengland.co.uk/speeches  52  Chart 22: Usage of key macroprudential tools since 2010 Instances of use  40 35 30 25 20 15 10 5 0  2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 SCR  CCyB  Liquidity  Lending standards  Sources: National central bank websites, IMF, European Commission Shim et al 2013, ESRB and MDB. Note: This chart documents the use of the CCyB, sectoral capital requirements (SCR), liquidity-based tools, and lending standards (including loan to income and loan to value ratio limits) over the period 2007-2017.
It was then renovated in the style of the day at the start of the following century by Robert de Cotte, the First Architect of Louis XIV, for the Count of Toulouse, the legitimated son of the Sun King and its new owner. Naturally, this place provides an appropriate setting for putting matters into perspective. This is most apposite for the discussions to which Mr Pohl invites us today, because they should be considered from both a historical and forward-looking perspective. Japanese philosophy teaches us that visiting the past teaches us new things. This privileged setting nevertheless does not isolate us from the world. The turmoil that we are experiencing gives a particular significance to your work. The current financial crisis and the unprecedented financial cooperation between countries to preserve financial stability should add a new dimension to the debate on Corporate Social Responsibility. I therefore hope that this approach in perspective will shed light on both the implications of the Corporate Social Responsibility (CSR) and its potential role as a force for change in a globalised world. CSR is a concept whereby companies and financial institutions not only consider their profitability and growth, but also the interests of society and the environment by taking responsibility for the impact of their activities on stakeholders, employees, shareholders, customers, suppliers, and civil society represented by NGOs. Companies (including banks) must take on new responsibilities that go beyond a simple policy of “paternalism” vis-à-vis their suppliers, customers and employees, such as that practised up until recent times.