King names lessons learned from crisis

Mervyn King, the governor of the Bank of England, said on Tuesday he had identified three lessons, so far, from the banking crisis.

Speaking in Belfast on Tuesday, King said that rules should pay more attention to liquidity: "Regulation worldwide has paid insufficient attention to liquidity, focusing instead on capital. Banks need to face the right incentives to manage their funding positions."

King said that the absence of a mechanism for pre-emptive intervention was "the single largest

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