What payments experts have learned

Payments experts have learned a lot about liquidity risk and lender of last resort from the crisis, explained Daniel Heller, the new head of the influential CPSS Secretariat in Basel.

"We have really learned a great deal about liquidity as a result of the crisis," Mr Heller told Speed, a quarterly journal published by Central Banking Publications. "One of the important lessons was that even secured funding can become very limited or unavailable."

Perhaps the best example of the virulence of th