European global systemically important banks have become more leveraged over the first three months of 2019, reversing the previous quarter’s trend.

The average leverage ratio across the eight European G-Sibs, calculated as Tier 1 capital divided by total leverage exposure, stood at 4.6% at the end of March, down from 4.7% at the end of December 2018. The corresponding average across the three UK G-Sibs fell to 4.9% from 5%.

BNP Paribas posted the biggest quarterly decrease of the sample,