. second, such a comprehensive assessment, cannot be done by one jurisdiction or one international standard setter. and in this respect, one of the other, major planks of the post financial crisis reforms, the creation of the international financial stability board ( fsb ) – has put us in a far better position than ten years ago. the fsb has been active and in crisis mode from the outset of this crisis. it has enabled jurisdictions and international standard setters to work together, under its umbrella to share experience, to assess risks to financial stability, and in to discuss ‘ what works ’ ( and what doesn ’ t work ) in addressing those risks. the fsb ’ s assessments also provide input to the political level of the g20. and to ensure national authorities respond in a consistent way, the fsb agreed principles, adopted by the g20, which reiterate commitment to common international standards, using their inbuilt flexibility including buffers, while leaning against regulatory rollback. going forward, and just as after the global financial crisis, the fsb can and should enable us to bring together the various perspectives in the central bank and regulatory communities to determine whether we do indeed need more resilience in the system and, if so, how to achieve it. all speeches are available online at www. bankofengland. co. uk / news / speeches

financial system resilience : lessons from a real stress speech given by sir jon cunliffe, deputy governor financial stability, member of the monetary policy committee, member of the financial policy committee and member of the prudential regulation committee investment association webinar, london tuesday 9 june 2020 all speeches are available online at www. bankofengland. co. uk / news / speeches the covid 19 natural disaster has been the toughest test of the financial system since the global financial crisis 10 years ago. as the implications of the spread of the virus and the policy measures to contain it became apparent, over a few short weeks, we saw an abrupt and savage pricing down of economic prospects and economic assets across the globe. investors, corporates, banks and households went into a defensive crouch, shunning risk, searching for safer havens, and stockpiling liquidity. many of the resultant moves were unprecedented. bank lending surged as corporates drew down on their liquidity facilities. in march, uk banks ’ net lending to corporates shot up to £33 billion, around 30 times the average monthly lending seen last year. the jump was even more striking in the us, where growth in the stock of corporate lending rose by over $ 600 billion in the first four months of the year, compared to an increase of less than $ 60 billion for 2019 as a whole. in financial markets, the ftse all - share index fell over 10 % on 12 march, the largest one - day fall since 1987. some high - yield primary debt markets effectively closed : sterling issuance stopped on 13 february and us dollar issuance stopped on 4 march – and remained closed for longer than seen in the financial crisis. even short - term funding markets for corporates, such as the commercial paper markets, became strained. initially, yields on risk - free assets fell rapidly at the end of february and early march due to the flight to safety. however, this became an abrupt and disruptive “ dash for cash ” in mid - march as investors demand for cash and near - cash assets rose sharply, resulting in selling pressure on usually safe and liquid assets such as government bonds. risk free yields began to rise sharply and the financial conditions facing major economies tightened. the “ dash for cash ” also spread to foreign exchange markets, given the dollar ’ s pivotal role in global trade and investment. us dollar funding became particularly difficult to raise in global capital markets ; the dollar all speeches are available online at