BIS Review 85/2009  9  Chart 7: Long-run capital levels for US commercial banks, 1840-1993  Chart 8: Daily volumes and values settled in CLS  10  BIS Review 85/2009  Chart 9: CDS premia and network uncertainty – pre-crisis  Chart 10: CDS premia and network uncertainty – in-crisis  BIS Review 85/2009  11  Chart 11: LCFI return on common equity  Per cent 30 20 10 0 -10  US securities houses US commercial banks European LCFIs UK LCFIs  -20 -30 -40  Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2003 04 05 06 07 08 Sources: Bloomberg and Bank calculations. (a) Data for European LCFIs and UK LCFIs are half-yearly. Chart 12: Spreads on new mortgage lending by the major UK banks Per cent 4  Maximum-minimum range Interquartile range Median  3 2 1 0 + 12 Jan  Apr  Jul  2007  Oct  Jan  Apr 08  Jul  Oct  Jan 09  Source: Bank of England. 12  BIS Review 85/2009
At the end of April 2022, the total number of failures over the  Page 4 of 8 previous 12 months was 43% lower than the figure for April 2019.i And even more importantly, according to our estimates, more than 95% of stateguaranteed loans (SGLs) should be repaid on time. Half the SGLs granted in 2020 started to be repaid in 2021; repayments on the other half began as of April this year. True, the shock of the war in Ukraine is slowing our rate of growth, and I shall come back to this. But the soundness of our banks and businesses at the end of 2021, with the emergence from the Covid crisis, gives strong grounds for confidence. There is nothing today that justifies, in the face of certain warnings or excessive demands, a return to the exceptional measures that we saw in 2020: either in bank prudential regulations or in terms of general, untargeted support for businesses. The Credit Mediation service, which is attached to the Banque de France has received very few requests for the restructuring of SGLs (fewer than 200 cases out of a total of 700,000 SGLs granted). France has the strongest banking and insurance sector in the euro area: this is a major asset for our economy, and one that our country is not always sufficiently aware of or positive about. This justifies us paying close attention to a healthy regulatory framework. II.