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This does not affect our editorial independence. More risky and long-term lending has been hived off to the non-bank sector, such as private equity, where there is little transparency. Tough capital ratios have produced bad outcomes. Lending is never going to be risk-free. But as is often the case, the enforcers overdo it. Reforms such as improved deposit insurance of £85,000 in the UK, the separation of consumer from casino banking and stronger capital requirements have proved sensible.