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...As always you can reach me at sid.v@ft.com....
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...Bloomberg News first obtained the witness statement....
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...Taxpayers are funding rich people to set up shop in increasingly risky places....
...municipalities can play in keeping people employed....
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...That provides a layer of insurance for diversified portfolios....
...namely less revenue from insurance writing, a hit to credit and funding valuations in Global Banking & Markets and higher Expected Credit Losses....
...Under the much-praised plan — now placed on hold — the BoE would test the balance sheets of the largest UK banks and insurance companies against three environmental scenarios: more frequent severe weather...
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...This implies leverage of 8-9x in 2022e, the first normal year on our assumptions, and 5-7x in 2023e....
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