Priorities shift for reserve managers

At the National Asset-Liability Management event in Istanbul, Turkey, panellists discussed how central bank reserve managers' priorities had shifted during the financial crisis.

Gunay Yeşildoruk, executive director of the markets department at the Central Bank of Turkey, said that under the laws governing the central bank, capital preservation and liquidity were the two principles guiding reserve management.

"Return is not mentioned clearly [in the law]," he said. "It is a third, less important