(S (S (S (NP (BASENP (DT Each) (NN level)) (PP (IN of) (BASENP (NN lending)))) (VP (VBZ assumes) (NP (BASENP (DT a) (NN level)) (PP (IN of) (BASENP (JJ financial) (NN risk)))))) (CONJP (COMMA ,) (CC but)) (S (S (BASENP (NN trouble)) (VP (MD can) (VP (VB arise)))) (SBAR (WHADVP (WRB when)) (S (BASENP (DT the) (NN risk) (NNS tolerances)) (VP (VBP are) (VP (VBN exceeded))))))) (PERIOD .))