boe speech, 2005-11-28
If you think about the expansion of markets in which banks participate, both as principals and as intermediaries, and the fact that at times of stress investors would be likely to place a premium on 'safe' assets and ultimately on cash, then it soon gets you back to thinking about the robustness of arrangements that enable banks to satisfy unexpected spikes in cash demand, perhaps in unexpected locations.
Sentiment: neutral
Topic: financial_stability