The report also noted that Raymond James Bank's ratio of capital to risk-weighted assets was a healthy 10.2%.

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Along with five others, they had been forced to draw up restructuring plans after falling short of the 8% ratio of capital to risk-weighted assets that is considered the acceptable minimum by international financial regulators (by more than six percentage points in the case of Commercial Bank of Korea).

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Mr Miles said that the optimal ratio of core tier one equity capital to risk-weighted assets would be 19%.

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