Global banks boost Level 3 assets to new highs
European lenders and UBS-Credit Suisse merger fuelled rise in hard-to-value instruments in 2023
Major banks ended 2023 with record holdings of hard-to-value assets, with global systemically important banks (G-Sibs) accounting for most of the €47.6 billion ($50 billion) year-on-year increase.
Across the 77 banks assessed by the Financial Stability Board for its latest G-Sib ranking, Level 3 assets climbed to €726.8 billion – a 7% rise from end-2022 and the highest in 11 years of assessments.
The 29 G-Sibs, unchanged from the previous year, held €454.8 billion, or 62.6% of the total, and were
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