Table 2.

Swiss G-SIBs: impact on WACC resulting from a 1 percentage increase of the leverage ratio measured in bps

Leverage ratio	Linear regression (1)		No M-M effect (2)
	Impact on WACC (RP = 5%)	Impact on WACC (RP = 10%)	Impact on WACC (RP = 5%)	Impact on WACC (RP = 10%)
Pre-Basel III	4.1	8.3	7.7	15.4
Basel III Tier 1 Look-through	5.8	11.6	10.8	21.5
Basel III CET1 Look-through	7.4	14.9	13.8	27.6

Note: (1) The calculation is based on the estimated M-M offset resulting from the linear regression 2001Q2 to 2015Q2 (see Table 1). (2) Calculated under the assumption that the required return remains invariant to leverage