A month ago there was lively discussion about Bitreserve.

Since then, their leverage ratio has increased to 19.55 to 1 and their capital has dropped $4K to $124,000 even though the price of Bitcoin has increased. This is a higher leverage ratio than allowed for a bank.

I qualify that this is only based on their reported status; they may have other financial resources (e.g. paid in capital, capital commitments from investors).

From June 11:

You are not "over reserved" any more than a typical bank is. If this is your full balance sheet you have about 14.47 to 1 leveraged (i.e. 6.9% of assets as Capital). This is calculated as assets/(assets-liabilities). You have about $128,000 in Capital, each 10% increase in the value of the GBP will blow away $19,000 and each 10% decline in the value of the Bitcoin will blow away $18,000. You are also exposed to the risk of a bank failure. If the bank holding your USD reserves goes under, only $250,000 is insured. You would need other sources of liquidity while you wait to get the rest.