European global systemically important banks have become more leveraged over the last three quarters.

The average leverage ratio across the eight European G-Sibs, calculated as Tier 1 capital divided by total leverage exposure, stood at 4.57% in the third quarter, down from 4.63% the previous quarter and 4.84% at end-2017.

The four UK G-Sibs' average leverage ratio also declined, though to a lesser extent, to 5.15% from 5.28% at end-2017. The average actually increased 10 basis points in the