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Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,*,Section 1:Global financial environment,Chart 1.1 Global growth revisions,Sources:IMF,World Economic Outlook,and Bank calculations.,Chart 1.2 Leverage ratios,(a)(b),Sources:Bank of England,Capital IQ,SNL Financial,published accounts and Bank calculations.,(a)Leverage ratio is defined as total assets divided by total equity.,2007 to 2021 show year-end positions.Due to different reporting years,March data are used for Nationwide and October data for National Australia Bank.Where 2021 H1 data are not available yet,end-2021 data have been used.,Banco Santander,Bank of Ireland,Barclays,Co-operative Banking Group,HSBC,LloydsBanking Group,National Australia Bank,Nationwide and Royal Bank of Scotland.,BBVA,BNP Paribas,Crdit Agricole Group,Deutsche Bank,Groupe BPCE,ING Bank,Nordea,Socit Gnrale,UBS and UniCredit Group.Credit Suisse is not included as it reports financial results according to US GAAP which is not easily comparable to IFRS results due to the treatment of derivatives and off balance sheet vehicles.All other G-SIBs report on an IFRS basis.,Chart 1.3 Gross cross-border claims by all BIS-reporting banks by recipient region,(a),Sources:Bank for International Settlements(BIS)and Bank calculations.,Change in BIS-reporting banks aggregate cross-border claims by region,exchange rate adjusted.,Chart 1.4 International ten-year spot government bond yields,(a),Source:Thomson Reuters Datastream.,Yields to maturity.,Chart 1.5 Holdings of US Treasury securities,Sources:CEIC,Federal Reserve US flow of funds,IMF COFER and Bank calculations.,Assumes proportion of Chinese reserves held as Treasuries is the same as the world average.Other foreign holdings are calculated as the residual between total foreign holdings of Treasuries and the estimate of Chinese holdings.,Includes holdings by state and local government,government retirement funds,government-sponsored enterprises and the Federal Reserve.,Chart 1.6 Market-implied default probabilities over the next five years for selected sovereign debt,(a),Sources:Markit Group Limited and Bank calculations.,Probability of default,derived from CDS premia,from the perspective of a so-called risk-neutral investor that is indifferent between a pay-off with certainty and an uncertain pay-off with the same expected value.If market participants are risk-averse,these measures may overstate actual probabilities of default.A loss given default of 60%is assumed.,Chart 1.7 Probability of a high-impact event in the UKfinancial system,(a),Sources:Bank of England Systemic Risk Surveys and Bank calculations.,Respondents were asked for the probability of a high-impact event in the UK financial system in the short and medium term.From the 2021 H2 survey onwards,short term was defined as 012 months and medium term as 13 years.The net percentage balance is calculated by weighting responses as follows:very high(1),high(0.5),medium(0),low(-0.5)and very low(-1).Bars show the contribution of each component to the net percentage balance.,Chart 1.8 Cumulative flows into higher-risk assets following central bank policy announcements,(a)(b),Sources:EPFR Global and Bank calculations.,(a)Higher-risk assets include emerging market equities,emerging market and US high-yield bonds.,Chart begins at the dates of official policy announcements:the first set of US Federal Reserve asset purchases,known as QE1,on 25.11.08;QE2 on 3.11.10;the ECBs two one-year longer-term refinancing operations(LTROs)on 6.10.11;the ECBs two three-year LTROs on 8.12.11;and QE3 on 13.9.12.OMTs were announced the week before QE3.,Box 1:Euro-area banking sector fragmentation,Chart A Change in French and German resident banks claims since June 2021(a),Sources:BIS,ECB,national central banks and Bank calculations.,(a)Data to June 2021.,Refers to Greece,Ireland,Italy,Portugal and Spain.,Chart B Resident retail deposits in selected euro-area countries,(a),Sources:National central banks and Bank calculations.,(a)Data to September 2021.,The sum of non-resident deposits in Greece,Ireland,Italy,Portugal and Spain.,Chart C Cumulative capital flows for selected euro-area countries,(a)(b),Sources:Central Statistics Office,European Commission,IMF,national central banks and Bankcalculations.,(a)Refers to Greece,Ireland,Italy,Portugal and Spain.,(b)Data to August 2021,with the exception of balance of payments data for Ireland,which is to June2021 and extrapolated thereafter.,Loans disbursed under joint financing package with contributions from the EFSM,the EFSF,individual EU members under bilateral arrangements,and the IMF.,(d)The sum of the financial and capital accounts net of public sector flows.,Chart D Selected ten-year government bond spreads to German bunds,Sources:Thomson Reuters Datastream and Bank calculations.,Greek debt restructuring agreed on 9 March 2021.,Chart 1.9 Global asset class positioning by investment funds,(a),Sourc
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