And Nationwide's balance sheet, on paper at least, is stronger than that of any of the big banks, with loss-absorbing core capital equivalent to 12.5% of risk-weighted assets, 2.5 percentage points higher than the banks' capital ratios.

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Or to buy short-term paper issued by off-the-balance-sheet financial units of major banks that were not transparent to the investment community.

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But while Immelt has taken major steps toward shoring up the company's balance sheet, including slashing its reliance on short-term commercial paper and reducing risky real estate loans, GE is still vulnerable to rising interest rates and unwelcome scrutiny from regulators.

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He said the piece of paper handed over to undercover reporters contained "some directions" and a "kind of balance sheet".

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