which are, on average, leveraged 25 times and only need a circa 5 per cent fall in the value of the assets held on their balance sheets – 60 per cent of which are home loans – to have their equity capital wiped out
简化一下：only need a circa 5 per cent fall in the value of the assets held on their balance sheets to have their equity capital wiped out
which 应该指银行；银行使用25倍的杠杆（经营），因此只要负债表资产价值下降5%，他们的权益资本将一扫而光。负债表资产价值的5%相当于住房贷款的60%。
我是从句法理解，资产负债表我可不懂。
评论
你是说which 指的是home owners and investors？
我认为指人一般会用who，而不是用which。
评论
which 还是指的银行， are leveraged 25 times。准确的意思是从银行那儿获得了25倍的财务杠杆。是一个被动语态，银行不用杠杆，提供杠杆给投资者用
评论
那就是说出10万能贷250万？
那应该还是banks are leveraged。。。 and need only。。。，
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