In Europe, for instance, responsibility for bank supervision, and the provision of liquidity in the event of a bank panic, will officially remain with national regulators and national central banks.
In a press release today the regulator detailed capital and liquidity requirements of large bank holding companies and systemically important non-bank financial firms.
As I've written before, this has the ability, on any given day, to provoke a drain of liquidity from the Greek banking system, forcing the Bank of Greece to ask for levels of Emergency Liquidity Assistance that the ECB just cannot countenance.
It could bring about the dismissal of Bernanke, the taming of fiscal deficits, the painless elimination of excess liquidity from bloated central bank balance sheets and the restoration of robust economic growth.
The country's two biggest banks, Bank of Cyprus and Laiki, are believed to be reliant on Emergency Liquidity Assistance provided by the Central Bank of Cyprus.
This was a liquidity action, helpful in preventing a seize-up of financial markets and possible bank failures due to lack of liquidity, which comes with a financial crisis.
The leaked EU memo also frets about the potential effects on repurchase agreements, a key source of bank liquidity in Europe.
That would argue for a cut in official rates, not to mention the sort of liquidity provision the bank offered on September 19th.
He said the Bank should be working against this, by assuring banks that in these stressful times, they would always be able to get liquidity from the Bank of England itself.
And of course there have been share issues sopping up any remaining liquidity, notably the Agricultural Bank of China IPO.
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As the mortgage crisis unfolded late in the summer of 2007, Northern Rock was forced to turn to the Bank of England for liquidity support to meet short term debt obligations, unable to secure adequate funding through private channels.
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If the European banking crisis or the U.S. economy turn problematic again, then even torrents of central bank liquidity will not offset an increased risk profile for underlying investments.
Against the backdrop of improving employment, accelerating U.S. economic growth and the resolution of the European debt crisis, we are witnessing massive injections of central bank liquidity into the global financial system.
In some cases, as in our programs to backstop money market mutual funds, the purpose of the facility is to serve, once again in classic central bank fashion, as liquidity provider of last resort.
The one bank that was a bit more frank that access to liquidity is an issue insists that the Bank of England's new and unconventional scheme to provide cash - the Extended Collateral Term Repo - will rectify things.
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"Neither the cost nor the availability of wholesale funds has improved for lenders since the Bank of England launched its special liquidity scheme, helpful though that scheme is, " said CML director general Michael Coogan.
But it remains to be seen whether liberal amounts of central-bank liquidity will encourage banks to do more than hoard cash.
It may mean that it averted disaster even if only a portion of the new bank liquidity is used to expand loans or purchase sovereign debt.
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Now banks are forcing their counterparties to pay a much higher price to roll the paper over, and it is not clear how quickly central-bank injections of liquidity will ease the squeeze.
From the second half of 2009 into 2010, the central bank intensified its scrutiny of MPS's liquidity, including by sending inspectors to its headquarters and offices, according to the document.
At that time, even as the bank was digesting the Antonveneta purchase, the liquidity situation of MPS worsened due to tensions in sovereign-debt markets, the central-bank document says.
"In the unlikely event that a generalised shortage of offshore renminbi liquidity emerges, the Bank will have the capability to provide renminbi liquidity to eligible institutions in the UK, " he said.
This follows very highly correlated moves between both MSCI indices in 2012, and a backdrop of very supportive central bank liquidity, robust EM growth prospects and large portfolio inflows in January.
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Globally some of the liquidity conditions that supported risk appetite, including central bank policies such as guarantees and quantitative easing, show no signs of being removed.
Upon assessing the Bear Stearns' situation, the Federal Reserve decided to take the very important and consequential action of authorizing the Federal Reserve Bank of New York to institute a temporary program for providing liquidity to primary dealers.
Foreign banks including Barclays, Royal Bank of Scotland and Deutsche Bank also borrowed from the Fed to overcome their liquidity crises.
Both Bank of Cyprus and another big bank, Laiki, are believed to be reliant on the ECB's Emergency Liquidity Assistance, provided via the Central Bank of Cyprus.
Resource shares supported the Sydney market, and the Australian dollar jumped briefly, after China's Xinhua news agency said the People's Bank of China would boost liquidity via its reserve requirement ratio.
Moreover, given the added stimulus and intervention by the Bank of Japan, ongoing liquidity and support measures by the U.S. Federal Reserve and improved balance sheets by banks globally, equities elsewhere look very attractive.
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