The founder of Sony Computer Entertainment Europe says PlayStation 3 (PS3) failure rates are well below the industry average of three to five percent.

Chris Deering claimed failure rates stand at "around .02 percent", far lower than failure rates for the Xbox 360.

Last month, Microsoft revealed it took an earnings charge of over $1bn for the quarter that ended in June related to expenses it will incur fixing faulty Xbox 360 machines. The company also expanded warranty coverage for the Xbox 360, following reports that failure rates were as high as 33 percent.

Nintendo has yet to reveal any failure rates for the Wii.

See also:

Xbox 360 review

Xbox 360 Elite review

PS3 review