Fed’s Stein backs ‘committed liquidity facility’ as supplement to Basel LCR

Jeremy Stein

Federal Reserve governor Jeremy Stein has backed the use of a 'committed liquidity facility' (CLF), as a possible method of supplementing Basel III's liquidity coverage ratio (LCR) and ironing out a number of potential issues.

At a credit markets symposium organised by the Federal Reserve Bank of Richmond, Stein raised two questions with the LCR: whether central bank liquidity could count towards it; and how to ensure banks could use their liquidity buffer without creating a panic. A CLF, which

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