Second, for countries adopting the CLF as an alternative to HQLA, there is a question about how this will affect central bank liquidity operations in a stress situation. Typically, under existing arrangements, the central bank can closely control the quantum of system liquidity injections, given that standing (on-demand) facilities have a penalty margin attached.
In the case of the CLF however, banks will be free to fully access funds to the extent of the committed credit lines. This could potentially make it more difficult for the central bank to manage the quantity and price of short term funds in a crisis situation.