Iceland’s Guðmundsson identifies flaw in banking union plans


The governor of the Central Bank of Iceland, Már Guðmundsson, on November 27 drew attention to the importance of lender-of-last-resort (LOLR) assistance in foreign currencies during a financial crisis, which he noted was missing from eurozone banking union plans.

During the financial crisis, Guðmundsson said, emergency swap lines saved many banks during runs on dollar-denominated securities. "Many big European banking names might not still be with us had it not been for the US dollar swap lines

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