We welcome the formalisation of the exclusion of central bank deposits from the exposure measure, but we do not support the accompanying recalibration of the leverage ratio minimum to 3.25%, which we regard as premature at this stage, and which could have unintended adverse consequences in related policy areas such as MREL. We also draw attention to the growing confusion from the range of different bases on which the leverage ratio is to be calculated and reported. Read the full response.