In 2008, market disturbances and unexpected price volatility besieged the US financial system. Since then weak balance sheets have heightened risk, thus resulting in an unprecedented rise in non-performing loans and credit-related write-offs in mortgage lending related sectors. This paper...

Our paper analyses confidential letters sent from the Bank of England's Prudential Regulation Authority (PRA) to banks and building societies it supervises. These letters are a ‘report card' written to firms annually, and are arguably the most important, regularly recurring written...