Mistakes made on liquidity - Tumpel-Gugerell

The current crisis shows central bankers and regulators underestimated liquidity risk, admitted the European Central Bank's Gertrude Tumpel-Gugerell.

Tumpel-Gugerell told an audience at SIBOS, an industry forum organised by SWIFT that attracts over 8,000 participants from the payments and related sectors, that although successive Basel accords had strived to improve capital against credit risk, "liquidity risk was clearly underestimated."

An "over-reliance on credit ratings might have played a

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