Where to for VUK, page-16

"also I didn’t realise the significance of insurance on the earnings of those other banks, but that shouldn’t affect the ‘leverage’ should it? Or does it have a meaningful impact on the banks equity?
presumably it just might smooths out earnings a bit more with lower reliance on overall cost of risk (similar to a higher proportion of non interest income:net interest income). Is that how you interpreted this?"

Yes, something like that.

The point is, we can't make direct comparisons using a crude loan-to-equity metric between VUK and those two other organisations because their respective business models and capital structures are quite different (even each of their respective banking businesses themselves are quite different).

So my key takeaway is that VUK is not too thinly capitalised given the nature of its asset base and besides, organic capital generation will be running at a fast clip at the moment given the quality of the book (overwhelmingly residential mortgages in a country with well-below historical levels of unemployment) and the modest dividend payout ratio.

I worry about several things in life, but one of the things I don't worry too much about is VUK's capital base suddenly disappearing on me.

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