FSB calls for ‘urgent action’ on public liquidity backstops
Many jurisdictions at risk of having to ‘improvise under pressure’, report says
The majority of jurisdictions have failed to put in place adequate mechanisms for supplying emergency public sector funding to failing banks, the Financial Stability Board says in a report published today (October 9).
The review of public backstop funding (PBF) concludes that implementation of a key element of resolution reforms is “incomplete” in most jurisdictions. The exact nature of the problem varies by country but the FSB warns that the shortcomings could force many to take ad hoc measures
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