The CVA would have allowed Leeds to pay off an acceptable amount of their debts to creditors.

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Whatever the amount, many of these debts mature soon.

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If we want to avoid future financial crises that impoverish us all, we've got to pin our hopes on the effectiveness of these new rules - which also cover the amount of cash banks have to hold against the threat of runs, the longevity of their own debts and the risks that banks attach to different kinds of loans (among other things).

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According to official figures, bad debts amount to no more than 5% of the banking system's total loans, as opposed to 25-30% in Thailand and an even higher proportion in Indonesia.

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That said, the amount of debt maturing for private-equity owned companies pales into insignificance compared with the debts of banks that have to be repaid or refinanced in 2012.

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Most of the banks reporting this week have reported an improvement in the amount set aside for bad debts, which has helped to boost the results overall.

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High inflation and low interest rates do ease the pressure on those with high debts, as the amount that is owed is eaten away in the same way as a nest egg of savings is affected by inflation.

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